TLRY Stock News: Tilray Inc drops as investors await MORE Act vote decision
- NASDAQ:TLRY fell by 2.16% during Wednesday’s trading session.
- Investors await the vote from the House Rules Committee on the MORE Act.
- It was another mixed session for the cannabis industry on Wednesday.
NASDAQ:TLRY saw its trading volatility continue on Wednesday as it extended its streak of alternating between red and green days. Shares of TLRY fell by 2.16% and closed the trading day at $8.14. After the recent bullish uptrend in the markets, all three major indices cooled off on Wednesday, following two straight positive days to open the week. The Dow Jones inched lower by 65 basis points, the S&P 500 fell by 0.63%, and the NASDAQ dropped lower by 1.21% as big tech stocks pulled back from their recent hot stretch.
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All eyes were on the floor of the House of Representatives on Wednesday, as the House Rules Committee was set to vote on the MORE Act. Unfortunately, the vote was postponed until later in the week. The MORE Act is expected to pass the vote in the House, although just as in 2020, it could meet some opposition in the Senate. The act will finally bring in federal legalization of marijuana in the United States, as well as expunging any accused that are currently serving time for the possession of marijuana products in the past.
TILRAY stock forecast
The cannabis sector experienced more volatility on Wednesday, as stocks like Tilray and Sundial Growers (NASDAQ:SNDL) were trading as much as 9% higher in the morning, before ultimately closing the day below water. Other cannabis stocks like Canopy Growth (NASDAQ:CGC) and Hexo Corp (NASDAQ:HEXO) also fell to close the day, while Aurora Cannabis (NASDAQ:ACB) eked out a small gain for the session.
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FXStreet
