The marijuana company has seen its stock jump up and down this week
Tilray made its first appearance as a public company in the U.S. when it was listed on the NASDAQ stock exchange this past July (ticker TLRY). Soon after, investors migrated to the company and its stock price climbed by over 35%. The marijuana industry has seen a fair amount of fluctuation in the stock market since and Tilray hasn’t escaped the movements. TLRY saw some serious declines over the past several weeks, despite some significantly positive news, but has now experienced a slight correction to put it back on the right track.
After announcing yesterday that it had created an International Advisory Board that would work with its board of directors and executives on an aggressive growth plan, Tilray’s stock still continued to drop. After trading at a one-month high of $116.03 from November 23, it fell to a new low of $71.00. It has since bounced back a little and, as of this writing, is trading at $77.95 – still much lower than expected. It is at least on a positive trend, climbing 1.64% in the past 24 hours.
Looking forward – well into the future – TLRY is predicted to be a strong purchase. The temporary drop is viewed as nothing more than a short-term bump and Tilray remains strong as a long-term investment. Now would probably be a good time to make a purchase, but be prepared to sit on the stock for a while. 2019 should bring more positive gains for most marijuana stocks and the next couple of weeks will provide a good indication of how the markets might go.