Tilray Brands, Inc. (TLRY) is experiencing a surge in pre-market trading, driven by a combination of factors that have caught the attention of retail investors. Over the weekend, there was a notable increase in social media buzz surrounding Tilray, with discussions highlighting the company's diversification into the beverage sector, which has seen a 132% year-over-year increase in net revenue. This shift away from a sole reliance on cannabis is seen as a positive strategic move. Additionally, the high short interest in the stock is fueling speculation about a potential short squeeze, especially if any significant news or momentum arises.
The international cannabis market is also a point of interest, as more countries are opening up to cannabis, and Tilray's established presence in Europe and Canada positions it well to capitalize on these developments. Despite some skepticism about the cannabis and beverage sectors' competitiveness, many investors on Reddit express optimism about Tilray's potential, viewing it as an undervalued stock with significant upside. The sentiment is that Tilray is at a turning point, with some users suggesting that the stock is poised for a reversal.
Tilray's stock is currently trading at $1.38, marking a 9.52% increase from its previous close of $1.26.