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Why Tilray And Sundial Growers Are Trading Higher Today

June 7, 2021 10:57 am
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Why Tilray And Sundial Growers Are Trading Higher Today

Tilray Inc (NASDAQ:TLRY) and Sundial Growers Inc (NASDAQ:SNDL) are trading higher Monday morning as retail traders continue to favor the pair of cannabis stocks. 

What Happened: Cannabis stocks have trended higher recently as positive cannabis industry news continues to make headlines. 

  • Last week, Amazon.com Inc (NASDAQ:AMZN) announced it would support a federal bill to legalize cannabis and make changes to its drug screening policy.
  • Connecticut legislative leaders announced a new marijuana legalization bill on Saturday.
  • The North Carolina Compassionate Care Act bill that aims to legalize medicinal marijuana was said to be picking up support recently. 

Related Link: Amazon Backs Federal Bill To Legalize Marijuana, Drops Drug Screening For Some Positions

Why It Matters: Tilray and Sundial Growers are the top two mentioned cannabis stocks on the Subreddit r/wallstreetbets over the last 24 hours. The pair of cannabis stocks are also in the top eight most mentioned stocks of all tickers. 

There are posts across multiple social media platforms asking other traders to buy and hold the stocks in an attempt to push the prices higher.

At last check Monday, Tilray was up 4.84% at $19.71 and Sundial Growers was up 9.07% at $1.19.

Image by Herbal Hemp from Pixabay.

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