Tilray Brands, Inc. (NASDAQ:TLRY) shares are trading higher Wednesday. The stock appears to be moving on continued upward momentum, rising nearly 60% over the last month.
What To Know:
On Aug. 8, Tilray announced that the company will acquire several brands including Shock Top, Breckenridge Brewery, Blue Point Brewing Company, 10 Barrel Brewing Company, Redhook Brewery, Widmer Brothers Brewing, Square Mile Cider Company, and HiBall Energy from Anheuser-Busch Inbev (NYSE:BUD). The transaction will include current employees, breweries and brewpubs associated with the brands and is expected to close in 2023.
Shares of TLRY are moving higher on above-average trading volume. According to Benzinga Pro, more than 21 million shares have already been traded in the session, compared to the stock’s 100-day average of 22.7 million shares. Short sellers have taken interest in TLRY with 11.96% of available shares being sold short.
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TLRY Price Action: According to Benzinga Pro, Tilray shares are up nearly 5% at $2.65 at the time of publication.
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