Tilray Brands (TLRY) saw a positive movement today, closing at $1.45, up 3.57% from the previous close of $1.40. The stock opened at $1.41 and reached a high of $1.48, with trading volume significantly exceeding the average at 164.10% of the norm. The upward momentum was primarily driven by Tilray's German subsidiary securing a tender to supply medical cannabis to Luxembourg, a development that has been well-received by the market. This contract underscores Tilray's expanding presence in the European cannabis market, particularly as Luxembourg transitions towards legal recreational cannabis use, with projected sales potentially exceeding $300 million.
Additionally, Tilray's announcement of new cannabis-infused beverages under its Solei, Mollo, and XMG brands has generated further interest. On social media, discussions highlighted the significance of Luxembourg's new legal framework, with one user noting, "Luxembourg has adopted a new framework regarding recreational cannabis... projected Rec sales over $300M, which should give Tilray a nice piece of that." Despite some investor caution due to the rescheduling of Tilray's earnings release to January 10, 2025, the market's focus remained on the immediate positive impact of the Luxembourg tender and product launches.