Stock Market Today, Dec. 18: Tilray Brands Jumps After Trump Order Spurs Cannabis Rescheduling

Tilray Brands (NASDAQ:TLRY), a global medical cannabis producer, closed Thursday at $12.34, down 4.2%. Tilray Brands IPO'd in 2018 and has fallen 94% since going public. Trading volume reached 66.7 million shares, coming in 514% above its three-month average of 10.9 million shares.Thursday’s session saw cannabis names reacting to a Trump executive order reclassifying marijuana, and investors are watching how the U.S. cannabis industry will evolve. The S&P 500 (SNPINDEX:^GSPC) gained 0.79% to finish at 6,774, while the Nasdaq Composite (NASDAQINDEX:^IXIC) rose 1.38% to close at 23,006. Industry peers Canopy Growth fell 12% and Cronos Group slipped 2%, underscoring how the policy change may have already been priced into the market.With rumors previously circulating about a possible cannabis reclassification, Tilray's stock had already spiked over 50% in the last couple of weeks. Today's announcement finally showed this notion to be true, as President Trump reclassified cannabis from a Schedule I to a Schedule III drug. However, after its share price initially rose today, Tilray's stock ended up declining quickly and was down 4% overall.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool