Tilray rose 22.81% as the marijuana bill goes to vote. What should you do?
Congress will most likely pass multiple cannabis legislation bills next week including approval on cannabinoids and marijuana research.
Marijuana stocks are gaining, with Tilray closing 22.81% higher on the news.
Next week the stock will continue gaining to find a new high.
Tilray Brands Inc. (NASDAQ:TLRY) closed a 22.81% high on Friday after details emerged that Congress will vote on a marijuana bill next week.
Any progress towards federal legalization is important to the valuation of TLRY. It signals growth in the marijuana industry. Currently, 18 states have legalized non-medical uses of marijuana while 38 approve of medical use, with restrictions. The law marks significant progress towards the expunging of marijuana from Schedule I.
At a valuation of $8.56, TLRY is still valued significantly below the highs of the stock. This means that the stock has a lot of headway to a valuation of $30. The RSI took a sharp turn upwards, marking the beginning of upward momentum. A bullish trend has started building on the MACD marking the possibility that the stock will continue gaining.
Marijuana stocks would enjoy high growth in the event of legalization at the federal level. With the high likelihood of the bill’s approval, next week’s vote will send the stocks skyrocketing. We, therefore, think that TLRY is still a buy at the price of $8.56.
Submitted March 27, 2022 at 01:56AM by Dear_Decision6737
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