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Tilray Brands Inc (NASDAQ:TLRY) shares are trading higher on Wednesday after a Marijuana Moment report cited findings from a new study showing medical cannabis legalization leads to significant reductions in opioid prescriptions. Here’s what investors need to know.
• TLRY is among today’s top performers. Stay ahead of the curve here.
What To Know: A study in the American Journal of Health Economics found medical cannabis legalization is "associated with significant reductions in opioid prescribing.”
Analyzing insurance claims for 15 to 20 million Americans annually from 2007-2020, researchers found that states with medical cannabis laws saw the rate of patients with opioid prescriptions fall by an average of 16%.
The study notes these reductions were even larger for some groups, with declines exceeding 20% for cancer patients and non-cancer African American patients. Researchers also found significant decreases in the daily supply and number of prescriptions per patient.
For investors, the findings bolster the case for cannabis as a "viable alternative to riskier … medications such as prescription opioid analgesics," potentially expanding the market for companies like Tilray.
Benzinga Edge Rankings: According to Benzinga Edge stock rankings, the stock shows strong momentum with a score of 93.42.
TLRY Price Action: Tilray shares closed Wednesday up 5% at $1.68. The stock is trading within its 52-week range of 35 cents to $2.32.
From a technical perspective, the stock is currently trading significantly above both its 50-day moving average of $1.26 and its 200-day moving average of $0.83, by 32.4% and 100.6%, respectively.
Besides going to a brokerage platform to purchase a share — or fractional share — of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For Tilray Brands, it is in the Health Care sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
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