Cowen analyst Jaret Seiberg said it is hard for him to see a scenario in the 116th Congress in which Senate Majority Leader Mitch McConnell holds a vote on legislation to fully legalize cannabis, as too many senators see no political upside for McConnell to schedule such a vote. Given this view, Seiberg believes that prospects are better for narrower bills that could get attached to spending packages and other measures than for broader bills that would legalize recreational use. Of the narrower bills introduced in the U.S. so far, Seiberg believes the SAFE Act on cannabis banking has the best shot before the 2020 election. Publicly traded companies in the cannabis space include Aphria (APHA), Aurora Cannabis (ACB), CV Sciences (CVSI), CannTrust Holdings (CNTTF), Canopy Growth (CGC), Cronos Group (CRON), General Cannabis (CANN), India Globalization Capital (IGC), MediPharm Labs (MLCPF) and Tilray (TLRY).

Bullish option flow detected in Aurora Cannabis with 17,493 calls trading, 1.1x expected, and implied vol increasing over 8 points to 156.38%. 4/26 weekly 8 calls and 4/26 weekly 7.5 calls are the most active options, with total volume in those strikes near 9,200 contracts. The Put/Call Ratio is 0.09. Earnings are expected on May 9th.

Bullish option flow detected in Canopy Growth with 26,788 calls trading, 1.7x expected, and implied vol increasing almost 2 points to 144.75%. Jun-24 6 calls and 4/26 weekly 10 calls are the most active options, with total volume in those strikes near 6,800 contracts. The Put/Call Ratio is 0.19. Earnings are expected on May 30th.

In this week's "Rising High," The Fly's recurring series focused on cannabis and psychedelic stock news, The Fly looks back on study dosing, a completed acquisition and a research partnership. ATAI ANNOUNCES DOSING... To see the rest of the story go to thefly.com. See Story Here

Tilray Brands celebrated 420 with an unprecedented display of community and craftsmanship, with over 20,000 guests attending Tilray's 420 weekend events of vibrant festivals and environmental advocacy. "As a company, we recognize the cultural significance of 420 and its impact on the cannabis industry. By celebrating this day across our brands, we not only honor the traditions of our consumers but also continue to push the boundaries of innovation and progress across both cannabis and craft beer industries," said Irwin Simon, Chairman and CEO, Tilray Brands. "Tilray Brands will continue to connect with consumers across the U.S. and international markets through more festivals, concerts, and events that bring together our passionate community. We will continue to collaborate with like-minded partners who share our values and vision and work towards creating meaningful experiences that are fun and that empower our consumers."