Why Tilray Brands Stock Stormed Higher in January

Shares of the cannabis and consumer packaged-goods company Tilray Brands (NASDAQ: TLRY) gained a noteworthy 20.4% over the course of January, according to data provided by S&P Global Market Intelligence. The big gain came in response to a wave of bargain buying across the landscape of beaten-down growth stocks, especially among those listed on the Nasdaq stock exchange. Underscoring this point, the Nasdaq index jumped by a noteworthy 10.7% last month. Investors piled into heavily discounted tech and growth equities in January as a result of the Federal Reserve's decision to temper future interest rate hikes, a slowing core inflation rate, and better-than-expected macroeconomic data.Tilray's stock rose by double digits last month despite the company's underwhelming fiscal 2023 second-quarter earnings report announced on Jan. 9. In the report, Tilray announced that its share of the Canadian cannabis market came in at 8.3% for the three-month period. While the company maintained a leading share of its home market, that share has now contracted by approximately 30% over the past 24 months. Continue reading
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