Tilray stock higher as New York legalizes recreational marijuana

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Tilray (TLRY.US) stock jumped more than 4% after New York authorities passed a bill to approve the recreational use of marijuana by adults. Gov. Andrew Cuomo signed the bill today. Under new legislation, adults who turn 21 may legally possess 3 ounces of marijuana. Residents will now be able to grow marijuana at home, however some conditions will apply. New York became the 15th state in the U.S. which will allow recreational marijuana use.

Tilray (TLRY.US) stock launched today's session higher and broke above the 50 SMA (green line) and upper limit of the triangle pattern. However buyers failed to uphold momentum and stock erased most of today's gains. However, as long as the price sits above the 50 SMA, price may continue to rise. On the other hand, if break below occurs, then downward impulse towards support at $20.65 could be launched. Source: xStation5

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