Tilray Leads Marijuana Stock Surge as Trump Hints at Federal Action
In a week marked by significant gains in the cannabis sector, several marijuana stocks have surged in value, with Tilray leading the stock market today. Tilray Brands was the standout performer among cannabis stocks, with a staggering 60.87% gain on the NASDAQ. Other top performers included Aurora Cannabis (up 28.19%), Canopy Growth (up 17.16%), and Cronos Group (up 12.93%). Despite this, The Motley Fool's Stock Advisor team did not include Tilray among their 10 best stocks to buy now.
The surge in marijuana stocks comes on the heels of President Trump's suggestion that CBD could be covered under Medicare for seniors. This hint towards federal action on marijuana, which remains a Schedule 1 substance, has sparked optimism in the industry. Marijuana-themed ETFs, such as Amplify Seymour Cannabis ETF and Amplify Alternative Harvest ETF, also saw gains this week.
Market analysts predict a bright future for the U.S. cannabis stock market today. Grand View Research estimates it to grow from $38.5 billion in 2024 to $74 billion by 2030. However, investing in marijuana stocks can be challenging due to the low market capitalizations of some companies. For instance, Aurora Cannabis has a market cap of just $329 million.
The cannabis industry has witnessed a week of significant gains, with Tilray Brands leading the pack. President Trump's hints at federal action on marijuana have further fueled this growth. Despite challenges posed by low market capitalizations, the U.S. cannabis stock market today is projected to grow substantially in the coming years.
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