Benzinga | Nov 18, 2021 01:43PM EST

Why Tilray Shares Are Falling

Tilray, Inc. (NASDAQ:TLRY) shares are trading lower after Barclays initiated coverage on the stock with an Underweight rating and a $10 price target.

Barclays analyst Gaurav Jain notes 'the US leaf touching businesses remain federally illegal and we see little likelihood of legalization under the Biden administration.'

Tilray, Inc. engages in the research, cultivation, production, marketing, and distribution of medical cannabis products. It provides medical and adult-use cannabis products; pharmaceutical and wellness products; beverage alcohol products; and hemp-based food and other wellness products.

Tilray's stock was trading about 12.9% lower at $10.75 per share on Thursday at the time of publication. The stock has a 52-week high of $67 and a 52-week low of $6.66.