Jefferies analyst Owen Bennett views the rally in Tilray shares yesterday following the appointment of a new CFO and COO, as well as an upbeat tone from the CEO at an industry conference, as overdone. The stock closed Tuesday up 22%, or $3.85, to $21.22. The analyst has reservations on Tilray's near term CBD opportunity in the U.S. given the FDA's "seemingly cautious" stance on the use of CBD in foods. As such, Bennett would not welcome a material step-up in spending at Tilray, which he believes would be needed to support a launch in "such a fragmented industry." The analyst keeps a Hold rating on Tilray shares with an $18 price target.

Widmer Brothers Brewing is launching a new Hefe Variety 12 Pack, showcasing a wide range of delicious wheat beer style brews. The new Hefe Variety Pack includes the brewery's flagship Hefe along with Imperial Hefe, Widberry Hefe, and Apricot Hefe-expanding the Hefe brand family for the first time since the launch of Imperial Hefe last year.

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Alliance Global Partners notes that the Associated Press reported, citing five sources familiar with the matter, that the DEA plans to propose to reschedule cannabis to Schedule III from Schedule I, acknowledging its medical use and lower abuse potential. The firm would view the proposed rescheduling of cannabis as "the most notable cannabis reform in decades" and looks for a formal proposed rule from the DEA in the Federal Register in the near term. The biggest known impact of rescheduling to Schedule III is the removal of the onerous 280E tax, which would provide direct cash benefits to companies that had essentially been paying taxes on gross profits, says the firm, which adds that it views rescheduling as "the first notable domino in terms of cannabis federal reform - with future actions including a Garland Memo & potential SAFER banking." Publicly traded companies in the cannabis space include Aurora Cannabis (ACB), CV Sciences (CVSI), Canopy Growth (CGC), Cronos Group (CRON), Goodness Growth (GDNSF), Green Thumb Industries (GTBIF), IGC Pharma (IGC), Tilray (TLRY), Trees Corporation (CANN) and Trulieve Cannabis (TCNNF).