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Tilray Brands Inc TLRY Stock Quote

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Cannabis Stocks Rally on Legalization Optimism After Biden's Pardons, but Still Undervalued

Analyst Note

| Kristoffer Inton |

President Joe Biden’s comments on cannabis legalization spurred a rally in the cannabis sector on Oct. 6. His major announcement was that all prior federal offenses of simple marijuana possession will be pardoned. The act is expected to affect approximately 6,500 people convicted from 1992 to 2021. Additionally, Biden called upon governors to take similar action toward pardoning possession offenses. More importantly for the legal cannabis industry, he plans to direct the Department of Health and Human Services and attorney general to review the product’s status as a Schedule 1 controlled substance, which places it among heroin and LSD and higher than methamphetamine and fentanyl.

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Company Profile TLRY

Business Description

Tilray is a Canadian producer that cultivates and sells medical and recreational cannabis. In 2021, legacy Aphria acquired legacy Tilray in a reverse merger and renamed itself Tilray. The bulk of its sales are in Canada and in the international medical cannabis export market. U.S. exposure consists of CBD products through Manitoba Harvest and beer through SweetWater.

265 Talbot Street West
Leamington, ON, N8H 5L4, Canada
T +1 844 845-7291
Industry Drug Manufacturers - Specialty & Generic
Most Recent Earnings May 31, 2022
Fiscal Year End May 31, 2023
Employees 1,800