Why Tilray Stock Is Soaring Today
Shares of Tilray (NASDAQ: TLRY) were soaring 15.7% as of 11:31 a.m. EDT on Wednesday. The Canadian cannabis producer didn't announce any news, but its shares jumped amid an overall stock market rebound. Investors were optimistic after Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, stated that the situation should improve with the COVID-19 outbreak after this week.
Dr. Fauci's statements were encouraging. If he's right, it's possible that life could soon begin to return to normal in the U.S. -- and probably in Canada as well. For Tilray, that could mean that retail cannabis stores in Ontario will reopen in the near future. It could also mean that Canada's cannabis derivatives market could pick up momentum.
Image source: Getty Images.
Source Fool.com
