Stay Cool and get ready for the holiday weekend!
https://twitter.com/tilray/status/1697605908300284206?s=42&t=zd5-bQbd-Ylu6a5jNlCIAA
Cheers,
V
Tilray stock
Tilray Brands (TSX:TLRY) was another shining star on the Toronto Stock Exchange, as its share prices jumped 20.2% in August after posting eye-popping 61.5% gains in the previous month. If you don’t know it already, Tilray is a New York-headquartered cannabis giant with a market cap of $2.8 billion, as its stock trades at $3.98 per share with about 8.4% year-to-date gains.
There were two main reasons behind TLRY stock’s strong gains last month. First, its share prices jumped more than 30% on August 8, a day after Tilray revealed its intentions to acquire eight beer and beverage brands from the popular American brewing firm Anheuser-Busch. This acquisition is likely to expand Tilray’s U.S. beverage alcohol portfolio and contribute positively to its financial growth in the coming years.
Second, TLRY’s share prices jumped more than 22% in the final two trading sessions of August after reports about the U.S. authorities trying to ease restrictions on marijuana in the United States came out. As Tilray already has a strong distribution and branch network across the U.S. market, the company is expected to significantly benefit from easing restrictions in the country.
Moreover, these recent updates reflect how Tilray is consistently focusing on diversifying its portfolio, which should help it expand the revenue base and strengthen the balance sheet in the future. Considering its improving fundamental outlook, you can expect TLRY stock to also keep soaring in the coming months.