Tilray Shares Jump 4% Premarket as DEA Hearing Looms June 29
TLRY•Tilray shares rose nearly 4% premarket following the DEA’s June 29 hearing to consider rescheduling marijuana to Schedule III and a push to redefine hemp-derived CBD products before a November ban. The stock has declined over 45% year to date while the MSOS ETF has climbed more than 8%.
1. DEA Hearing on June 29
The Drug Enforcement Administration has scheduled a June 29 hearing to consider rescheduling marijuana from Schedule I to Schedule III, potentially allowing federal commercial and medical use if approved.
2. Administration's Hemp-CBD Amendment Push
The administration is urging Congress to redefine hemp-derived cannabinoid products to permit full-spectrum CBD items before a broad ban takes effect in November, as part of the agriculture spending bill discussions.
3. Market Reaction and Stock Surge
Tilray shares rose nearly 4% in premarket trading after news of the hearing and hemp regulation update, with rival cannabis stocks and the MSOS ETF also booking gains on heightened retail optimism.
4. YTD Performance and Strategic Pivot
Tilray stock has declined over 45% year to date, underperforming the broader cannabis ETF, even as the company pivots into the alcohol sector targeting live events and music festivals.
