Tilray makes a move
Today, Tilray (TLRY) surged nearly 14% as of 2:50 PM ET, a move largely driven by bullish sentiment in the market (HMMJ). The positive sentiment was fueled by a boost from Cowen & Company for the cannabis industry in 2019.
During the day, Aphria (APHA), Canopy Growth (WEED), and Cronos Group (CRON) were also trading higher. But what led Tilray to make this huge move today?
The US market
In its note, Cowen & Company was mainly bullish on the US cannabis industry. Cowen raised its outlook on the industry to reach sales of $80 billion by 2030, an increase by $5 billion.
Tilray has already made its move in the United States. In September, the US government approved Tilray’s cannabis drug for import for use in clinical trials assessing relief to patients with essential tremors. This clinical trial will take place at the University of California San Diego’s Center for Medical Cannabis Research. Successful initial study results could lead to more research, and the company’s cannabis could eventually become available to patients in the United States, where medical marijuana is legal in some states.
To learn more, see Why Tilray Had a Stellar 2018.