POT - These Three Weed Stocks; Why Is There So Much Interest?
Weed Stocks
It wasn’t a big earnings announcement or social media hoopla that rekindled investor interest in marijuana stocks. Instead, it was delivered by Vice President Joe Biden.
On Thursday, Biden unveiled broad measures aimed at decriminalizing marijuana.
The announcement provided much-needed comfort to several cannabis equity stocks that had been battered by delayed legislative progress and dismal financial performance. A more permissive government position on recreational marijuana usage might clear the way for dispensary and retail development, giving the sector a much-needed boost.
For numerous names, trading activity for cannabis stocks has skyrocketed at the individual stock level. Is the latest escalation a foreshadowing of more to come?
Tilray Stock: Why is Tilray’s Volume Increasing?
Tilray stock ( NASDAQ:TLRY ) volume on Friday was roughly five times its 90-day average as traders reacquainted themselves with the erstwhile parabolic runner. Traders rushed to buy inexpensive shares hoping Biden’s changes would spark a recovery.
Tilray provided some fresh news to keep the surge going with its fiscal 2023 Q1 results call. The business posted sales of $153.2 million and a net loss of $0.08 per share, both of which fell short of Wall Street expectations. However, management reaffirmed its adjusted EBITDA target of $70 million to $80 million to reassure investors that the outlook for the next several quarters remained strong.
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