Tilray Brands, Inc. (NASDAQ:TLRY) shares are trading lower Wednesday as the stock pulls back following a recent surge in cannabis stocks.

What To Know: Shares of cannabis stocks have been trending higher recently after the Department of Health and Human Services (HHS) called to move marijuana from Schedule I to Schedule III under the Controlled Substances Act.

In a letter dated August 29, as reported by Bloomberg News, a senior representative from the HHS corresponded with DEA Administrator Anne Milgram to move marijuana to a lower-risk drug category.

However, shares of cannabis stocks pulled back Wednesday from the recent strength, including Tilray.

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TLRY Price Action: Shares of TLRY are down 4.38% at $2.95 at the time of publication, according to Benzinga Pro.

Image by Herbal Hemp from Pixabay