Cannabis stocks registered substantial gains, following news of possible legalization of marijuana at the federal level next week. The U.S. House of Representatives is likely to vote for the second time on the Marijuana Opportunity, Reinvestment, and Expungement (MORE) Act headed by House Judiciary Committee Chairman, Jerrold Nadler (D-NY).
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Notably, the MORE Act previously passed the House in December 2020 but was obstructed in the Senate.
Among other cannabis stocks, shares of Tilray Brands, Inc. (TLRY), the global pharmaceutical, cannabis-lifestyle, and consumer packaged goods company, climbed 17.8% during Thursday’s extended trading session, after closing almost 22% higher on the day.
Investors Remain Cautious
Turning to Wall Street, Tilray has a Hold consensus rating, based on three Buys, seven Holds, and one Sell. The average Tilray price target of $10.21 implies 46.48% upside potential to current levels.
Furthermore, TipRanks’ Stock Investors tool shows that investors currently have a Neutral stance on Tilray, with investors maintaining portfolios on TipRanks, decreasing their exposure to TLRY stock over the past seven days.
Meanwhile, Tilray gets a 1 out of 10 on TipRanks’ Smart Score ranking, suggesting that TLRY is likely to underperform market expectations.
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