• Bernstein maintains a "Market Perform" rating for Tilray Brands (NASDAQ:TLRY), raising the price target from $1 to $10.
• The stock experienced a 4.2% decrease, closing at $12.34, amidst a surge in trading volume following a significant executive order.
• Despite broader market gains, not all cannabis stocks benefited, indicating market anticipation of the policy change.

Tilray Brands (NASDAQ:TLRY) is a global leader in the medical cannabis industry, known for producing and distributing cannabis products worldwide. As a key player in the cannabis market, Tilray faces competition from other major companies like Canopy Growth and Cronos Group.

On December 19, 2025, Bernstein maintained its "Market Perform" rating for Tilray, suggesting investors hold the stock. At the time, the stock was priced at $12.34. Bernstein also raised Tilray's price target significantly from $1 to $10, as highlighted by TheFly.

Despite the recommendation to hold, Tilray's stock experienced a 4.2% decrease, closing at $12.34. This decline occurred even as the trading volume surged to 66.7 million shares, a 514% increase from its three-month average of 10.9 million shares. This spike in activity was driven by an executive order from President Trump, reclassifying marijuana and sparking investor interest in the U.S. cannabis industry.

The broader market saw gains, with the S&P 500 rising by 0.79% and the Nasdaq Composite increasing by 1.38%. However, not all cannabis stocks benefited; Canopy Growth fell by 12%, and Cronos Group slipped by 2%. This suggests that the market may have already anticipated the policy change. Prior to the announcement, Tilray's stock had surged over 50% due to rumors of cannabis reclassification, which were confirmed by the executive order.

Tilray's stock fluctuated between $12.10 and $15.69 during the day, with a market capitalization of approximately $1.38 billion. Over the past year, the stock reached a high of $23.20 and a low of $3.50. Despite the recent decrease, the company's significant trading volume indicates strong investor interest and potential for future growth.