TLRY Stock News: Tilray Inc falls as cannabis sector shrugs off MORE Act vote

NASDAQ:TLRY extended its losses for the week despite the MORE Act receiving a pivotal vote in the House of Representatives on Friday. Shares of TLRY fell by 3.73% and closed the trading week at $7.48. Stocks kicked the second quarter of 2022 on the front foot as all three major indices climbed during the first trading day of April. The first quarter was certainly one to forget for investors as it was the worst performance from US markets in over two years. On Friday, the Dow Jones added 139 basis points and the S&P 500 and NASDAQ rose by 0.34% and 0.29% respectively during the session.

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The MORE Act finally made its way to a vote on the floor of the House of Representatives on Friday, and as expected, the vote passed to federally legalized cannabis. The vote still has to pass through the Senate where the Act stalled in 2020, and Wall Street isn’t too positive on the prospects of the vote passing this time around either. If it is, cannabis and its product would be legal on a federal level, and those serving jail time for the possession of cannabis would likely get their records expunged for those charges.

TILRAY stock forecast

Earlier this week, Tilray also announced that it will be reporting its fiscal third quarter earnings on April 6th, 2022 before the markets open. Shares of TLRY closed the week down by 6.03%, as volatility surrounding the MORE Act vote hit the cannabis sector. Last earnings call, TIlray posted a positive net income and a 20% sequential rise in net revenues from the previous quarter.