Canadian cannabis company Tilray Brands (NASDAQ: TLRY) was quite the stock market riser Wednesday morning, ascending by nearly 8% at one point in early trading. Tilray happily announced early Wednesday that its medical marijuana unit, Tilray Medical, has won approval from the government of Poland to sell its therapeutic weed in the Central European country. As it tends to have higher margins despite a far more limited customer base, medical marijuana has been a priority for the Canadian cannabis company.
Cannabis producer Tilray (NASDAQ: TLRY) released its year-end numbers last month, and they confirmed one thing: The company has a lot of work to do in reaching its sky-high projections for fiscal 2024. MacNeil said he believes that there will be "significant consolidation" among licensed producers in Canada over the course of the next year.
Canadian cannabis stocks soared Monday morning, with Tilray Brands (NASDAQ: TLRY), Canopy Growth (NASDAQ: CGC), and Aurora Cannabis (NASDAQ: ACB) spiking between 11% and 17% in earlier trading. As of 1:50 p.m. ET, Tilray remained up 6.3%, while Canopy Growth and Aurora were 16.5% and 7.1% higher, respectively. The jumps come as there continues to be hope for some level of marijuana legalization legislation making it through the U.S. Senate this year.