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Why Investors Were High on Tilray Stock Today
Anytime a company within the chronically struggling marijuana industry sees a leap in stock price, it's notable. That happened on Thursday with top Canadian cannabis company Tilray Brands (NASDAQ: TLRY), following news of a development in the legal sphere. Tilray's shares enjoyed a 9% pop on this news, comparing most favorably to the 0.3% slump of the S&P 500 index that day.Just after market hours on Wednesday, Tilray announced -- no doubt with relief -- that a lawsuit against the company had been dismissed in a Massachusetts court. In the suit, a plaintiff named Clement Italume accused Tilray and Hexo (a peer Canadian marijuana company it acquired in mid-2023) of failing to properly disclose and notify shareholders of certain Hexo actions. Italume also alleged that those investors were not properly informed of the acquisition. Finally, he accused Hexo of engineering a 2020 reverse stock split in order to essentially harm shareholders. Continue reading
Anytime a company within the chronically struggling marijuana industry sees a leap in stock price, it's notable. That happened on Thursday with top Canadian cannabis company Tilray Brands (NASDAQ: TLRY), following news of a development in the legal sphere. Tilray's shares enjoyed a 9% pop on this news, comparing most favorably to the 0.3% slump of the S&P 500 index that day.
Just after market hours on Wednesday, Tilray announced -- no doubt with relief -- that a lawsuit against the company had been dismissed in a Massachusetts court.
In the suit, a plaintiff named Clement Italume accused Tilray and Hexo (a peer Canadian marijuana company it acquired in mid-2023) of failing to properly disclose and notify shareholders of certain Hexo actions. Italume also alleged that those investors were not properly informed of the acquisition. Finally, he accused Hexo of engineering a 2020 reverse stock split in order to essentially harm shareholders.
