Tilray Brands, Inc. is experiencing an uptick in its stock price today, driven by positive developments in its European operations. The company's German subsidiary recently secured a tender to supply medical cannabis to Luxembourg, which has been well-received by the market. This contract highlights Tilray's expanding footprint in the European cannabis market, a region with growing demand for medical cannabis products. Additionally, Tilray's announcement of new cannabis-infused beverages under its Solei, Mollo, and XMG brands has generated interest, potentially contributing to the stock's upward movement.
Despite the positive news, some investors remain cautious due to the recent rescheduling of Tilray's earnings release to January 10, 2025. This change, attributed to the National Day of Mourning, has sparked some uncertainty about the company's financial performance. However, the market appears to be focusing on the immediate positive impact of the Luxembourg tender and the new product launches.
Tilray Brands, Inc. (TLRY) is currently trading at $1.46, up 4.20% from the previous close of $1.40. The stock opened at $1.41 and has reached a high of $1.48 in early trading. Despite being just 30 minutes into the trading day, the stock has already seen a volume of 8,435,816 shares, representing 26.97% of the average daily volume of 31,283,822 shares, indicating heightened trading activity this morning.