TLRY Stock News: Tilray Inc dips as cannabis sector continues downward trend

NASDAQ:TLRY started the week off on the back foot despite a broader market rally, particularly from the NASDAQ index. On Monday, shares of TLRY fell by 0.40% and closed the trading day at $7.45. It was another bearish session for the cannabis industry which simply cannot seem to gain any momentum despite the passing of the MORE Act vote in the House during Friday’s session. On the contrary, all three major US indices closed higher on Monday as the broader markets were fueled by a massive rally from tech stocks. The Dow Jones added 103 basis points, the S&P 500 climbed by 0.81%, and the NASDAQ broke out with a 1.9% gain during the session.

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Tilray is set to report its quarterly earnings on Wednesday, and Wall Street will be looking for a rise in international expansion and revenues. Last quarter, Tilray reported $155 million in total revenues, with more than 75% of that revenue from its business in Canada. As Tilray continues to expand into Europe and Australia, investors will likely be looking at how much potential growth the company has overseas. The passing of the MORE Act hasn’t really moved the needle for Tilray, so perhaps a solid earnings report can.

TILRAY stock forecast

While the MORE Act did manage to pass the floor vote in the House of Representatives on Friday, a stiffer challenge awaits in the Senate. The vote will need much more support than it received in 2020 when it stalled in the Senate, and will likely need full Democratic support plus at least ten Republicans as well. As of now, the date for the Senate vote has yet to be set.