Why Tilray Stock Dropped Today
Shares of Tilray (NASDAQ: TLRY) fell 9.5% on Tuesday after government leaders in Germany postponed a final vote on a bill to legalize marijuana until next year. The vote was initially planned for this week.
As a leader in cannabis research, cultivation, and distribution -- and noting its European headquarters office is located in Germany -- Tilray obviously has much to gain with every country that legalizes the drug. Tilray chairman and CEO Irwin Simon even traveled to Germany recently to visit its Parliament and discuss cannabis ahead of the vote.
Late yesterday, however, the vote was called off after leaders of the country's Social Democratic Party (SPD) voiced concerns over the legalization proposal.
Source Fool.com
