Tilray (TLRY.US) stock rose more than 4% during today's session after the Canada-based cannabis producer announced plans to buy $ 166 million in convertible debt of U.S. producer MedMen Enterprises as Tilray plans to enter the US market. Tilray is investing in MedMen to position itself into the US retail market for cannabis should it be legalized on the federal level. "Backed by accelerating trends towards legalization globally, we are focused on building the world's leading cannabis-focused consumer branded company with a goal of $4 billion of revenue by the end of our fiscal 2024," said Irwin Simon, Tilray's chairman and CEO, in a statement. He also said that the deal with MedMen "is a critical step towards delivering on our objective as we work to enable Tilray to lead the US market when legalization allows."
Tilray (TLRY.US) stock launched today's session with a bullish price gap, however buyers failed to break above major resistance at $ 14.10 which coincides with downward trendline, 50 SMA (green line) and 23.6 Fibonacci retracement of the downward wave which started at the end of June. Source: xStation5
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appThis content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
