Why Tilray Shares Are Falling?

Tilray, Inc. ($TLRY@Canada), trading on the Nasdaq as TLRY, traded lower yesterday after Barclays ($BCS@UK) initiated coverage on the stock with an underweight rating and a $10 price target. Barclays analyst Gaurav Jain notes that “the U.S.-leaf touching businesses remain federally illegal and we see little likelihood of legalization under the Biden administration.” Tilray engages in the research, cultivation, production, marketing, and distribution of medical cannabis products. It provides medical and adult-use cannabis products; pharmaceutical and wellness products; beverage alcohol products; and hemp-based food and other wellness products. Tilray's stock was trading about 12.9% lower at $10.75 per share on Thursday. The stock has a 52-week high of $67 and a 52-week low of $6.66. News that Germany is set to legalize marijuana may affect today’s trading especially as Tilray has manufacturing facilities in Germany.