Tilray's Rescheduling Rally Keeps Fading -- Where Will the Stock Be if Washington Stalls Again?
Don't expect a rebound anytime soon.
Overview
Shares of Tilray Brands (NASDAQ: TLRY) rose significantly toward the end of last year on positive regulatory developments in the U.S. cannabis industry. However, this rally was short-lived. Tilray's stock reached $23.20, but shares are now changing hands for just under $5, not far from its 52-week low of $3.67. Let's find out what's going on with Tilray and where the stock might be headed next.
Earlier this year, the U.S. Federal Government moved medical marijuana products regulated at the state level -- as well as products approved by the U.S. Food and Drug Administration containing marijuana -- from Schedule I to Schedule III. This means that these products are now considered to be less prone to abuse than Schedule I and Schedule II substances, and are recognized as having some medical benefit, which should make medical research into marijuana easier.
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Originally published at www.fool.com.