12:48:04 EDT Fri 30 Sep 2022
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Tilray Brands Inc
Symbol TLRY
Shares Issued 481,001,074
Close 2022-07-19 C$ 4.56
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Post says short sellers backing off Tilray, Canopy

2022-07-20 09:27 ET - In the News

Also In the News (C-WEED) Canopy Growth Corp

The Financial Post reports in its Tuesday edition that cannabis short sellers are ratcheting down their bets that the beleaguered sector will continue its slide. The Post's Stefanie Marotta writes that short interest in pot stocks has tumbled to $632-million (U.S.) from $3.14-billion (U.S.) in May, 2021, even as share prices plunged in the past year, according to data from S3 Partners. While analysts are skeptical that the U.S. federal government will approve a legal weed market soon, Congress is set to consider some cannabis legislation, which could lead to a rally in the sector. The highly volatile sector swings at the whims of lawmakers. Cannabis stocks jumped on news last week that Senate Democrats plan to introduce a bill to decriminalize marijuana, known as the Cannabis Administration and Opportunity Act. Tilray Brands posted its best day in nearly four months, and the Advisorshares Pure U.S. Cannabis ETF jumped the most since February. The boost continued Monday, with Canopy gaining as much as 20 per cent. Even so, the rally barely dented the steep losses of pot stocks. Tilray is down 50 per cent and Canopy off 70 per cent this year. The companies maintain their rankings as the top two shorts in the sector.

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