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Tilray (NASDAQ: TLRY) shares rose more than 20% on the Tuesday leading up to trading after the company signed a deal with Grow Pharma to import and use Tilray medical cannabis products in the UK starting next month The TLRY stock news is also raising other cannabis stocks

The company expects a range of GMP-certified medical cannabis products that are available on prescription or in the United States National Health Service (NHS)

Tilray’s gains also lifted shares in its pending merger partner Aphria (NASDAQ: APHA) In December, the two companies announced a Canadian cannabis bond that would create the top-selling marijuana company

Despite the good news for Tilray, a brief cloud of interest picks up. As the TLRY share price has risen more than 250% since the start of the year, short rates have risen to 51%

Not forgetting today’s rally in cannabis stocks, Canopy Growth (NASDAQ: CGC) stocks also rose in the pre-market after announcing it would be profitable within a year of this update as CGC was for the third fiscal quarter posted a loss above expectations

Industry peers Sundial Growers (NASDAQ: SNDL), Aurora Cannabis (NYSE: ACB) and Cronos Group (NASDAQ: CRON) also gained 703%, 444%, respectively 2%

Cannabis stocks have rallied in recent weeks amid the prospect that President Joe Biden, whose Democrats control both Houses of Congress, will take over the U.S. to decriminalize the pot at the federal level, the sector kicked off in January after the Democrats won control of the Senate with two wins in the Georgia runoff elections

At the time of this writing, Robert Lakin held (neither directly nor indirectly) positions in the securities mentioned in this article

InvestorPlace associate Robert Lakin is a seasoned finance writer and editor who follows fintech, agtech and property tech startups

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TLRY Stocks

World News – US – Cannabis Stocks: Why TLRY, CGC, APHA, ACB and SNDL are climbing today