It is time to "back up the truck" and short shares of Tilray, Vertical Group analyst Gordon Johnson tells investors in a research note. The analyst introduced a year-end 2020 price target of $4, which implies around 90% downside to Tilray's closing price Wednesday of $39.04. The company's top shareholder, Privateer, is set to unload its 72% position over the course of this year and next, Johnson points out. Further, the analyst calls Tilray's Q2 results "horrific." On top of that, the company, which only has two-to-three quarters of cash left, admitted its results are slated to get worse, adds Johnson. The analyst says that in his years covering stocks, he's rarely seen such a richly valued company.

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."