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Benzinga

Business

Melanie Schaffer

Why Tilray Stock Could Surge Over 60% On A Break Of This Pattern As MORE Vote Approaches

Tilray Nasdaq TLRY

Tilray, Inc (NASDAQ:TLRY) was trading over 5% higher at one point on Friday as traders and investors continued to await a House vote on the Marijuana Opportunity Reinvestment and Expungement (MORE) act, which was originally expected to take place this week.

The debate continues but when news of the vote hit on March 24, Tilray soared 27% higher, which was followed by an additional 22% surge the following trading day. The rise higher paired with the week-long consolidation has settled Tilray into a bull flag pattern on the daily chart.

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