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Reasons for the Decline in Tilray Stock Today

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Tilray Brands, Inc. TLRY shares are experiencing a decrease in trading value today due to a recent slowdown in the cannabis industry.


Key Details: Marijuana and cannabis-related stocks have been on an upward trend lately following a recommendation by the Department of Health and Human Services (HHS) to reclassify marijuana from Schedule I to Schedule III under the Controlled Substances Act.


According to a letter dated August 29, as reported by Bloomberg News, a high-ranking representative from the HHS communicated with the DEA Administrator, Anne Milgram, suggesting the reclassification of marijuana into a less risky drug category.


However, the recent strength in cannabis stocks, including Tilray, has subsided, leading to a decline in their trading performance today.


Related Article: Fincentric by S&P Global: The New Name of Markit Digital, But the Objective Remains Unchanged


Current TLRY Stock Performance: As of now, Tilray’s stock value is down by 4.38% at $2.95, according to Benzinga Pro.


Image by Herbal Hemp from Pixabay

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