The Tilray stock garnered attention in July when it debuted on the Nasdaq Exchange and soared more than 35%. Since then TLRY has fluctuated, particularly in the past four weeks, with the stock witnessing a significant price decline.
On Thursday, December 13th, Tilray Inc. (NASDAQ:TLRY) is back in the red, despite the Nanaimo, British Columbia-based company announcing important news.
Tilray Stock Down Double-Digits
On December 13th, Tilray Inc., known for its cannabis distribution and production, announced that it had formed an International Advisory Board. The purpose is to have a team that will provide the company's Board of Directors and executive team with guidance, as it executes its aggressive international growth strategy.
Brendan Kennedy, CEO of Tilray, said the company is "honoured to welcome this impressive group of distinguished leaders" to the team. Kennedy is confident this International Advisory Board will play a defining role in Tilray's "rapidly expanding global business."
However, despite the CEO's confidence and the announcement as a whole, Tilray stock is currently experiencing a double-digit decline.
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As of 12:56 PM, and according to Yahoo Finance, Tilray stock is down 10.44%, with its trading price sitting at $75.66. It is likely this decline has more to do with the fact that Tilray stock has seen some dismal trading lately, with the share pricing having dropped just over 15% in the past month, than it does with the December 13th announcement.
What Will the Future Bring for the Cannabis Stock?
While some are now speculating that Tilray stock should be invested in only by those with a long-time horizon, this isn't necessarily a bad mentality to take. TLRY may be in—or approaching—a slump, but the long-term forecast looks clear.
Tilray Inc. is visibly pursuing international affairs, the announcement today being proof, and this is likely to have repercussions, potentially moving TLRY stock out of its depression.
As the cannabis industry evolves, so too will cannabis stocks. Approaching the New Year, keeping a close eye on Tilray stock in the coming weeks will be key.
Featured Image: Depositphotos/© leungchopan
