Options Traders Think Tilray Stock Can Rebound Following New York Legalization

Tilray Inc. (NASDAQ: TLRY) stock is down over 66% following it’s run to $67 on Feb. 25, when the company was targeted by r/WallstreetBets traders.

The meme stock has been trading in a consolidating range for the last few weeks, and options traders may be thinking Tilray stock is gearing up for another run.  

Related Link: New York Becomes 15th State To Legalize Recreational Cannabis: The Big Apple Goes Green

The Tilray Trades: At 9:42 a.m. Wednesday, a trader executed a call block of 300 Tilray options with a $30 strike price expiring on May 21. The trade represented a $69,900 bullish bet for which the trader paid $2.33 per option contract. 

At 9:55 a.m., a trader executed a call sweep of 280 Tilray options with a $26 strike price expiring on April 16. The trade represented a $46,400 bullish bet for which the trader paid $1.66 per option contract.  

At 10:27 a.m., a trader executed a call sweep of …

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