Why Tilray Stock Is Down More Than 20% This Week
Shares of Canadian cannabis company Tilray Brands (NASDAQ: TLRY) started off the week with a serious bounce. Just after the market opened Monday morning, Tilray shares jumped by more than 11%. But it's been all downhill from there. As of early Friday, the stock had not only given up those double-digit percentage gains, but was down by about 22% for the week, according to data provided by S&P Global Market Intelligence.
It wasn't just the whims of market traders that caused the volatility. It was politics. Or perhaps more accurately, it was politicians. The initial spike in Tilray and other cannabis stocks came after reports surfaced that Senate Majority Leader Chuck Schumer hoped to pass two cannabis reform bills before the holiday break. The New York Democrat planned to roll those bills into other legislation that is expected to pass the Senate. But that's not how things panned out.
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Source Fool.com
