Shares of Tilray (NASDAQ:TLRY) rose 119.1% in January, according to data provided by S&P Global Market Intelligence, on a slew of good tidings that began the month prior and continued on into the new year.
It seemed it was just a month of back-to-back-to-back good news for Tilray. First, it announced a pot stock megamerger with Aphria (NASDAQ:APHA) to form the largest cannabis company in the world in terms of revenue. Then it and its partner Anheuser-Busch InBev (NYSE:BUD) were ready to roll out marijuana drinks in Canada beginning on Jan. 1 when it became legal to do so.
Aphria also bought craft brewer SweetWater Brewing last November, one of the fast-growing craft brewers in the country. It's in 27 states and has a popular "420" brand already on the market.
That was followed by the Georgia U.S. Senate runoff elections where Democrats won both seats, increasing the likelihood marijuana legalization in the U.S. could happen.
Tilray ended January with an interview on CNBC where CEO Brendan Kennedy predicted legal marijuana in Canada and Mexico "will ultimately lead the U.S. to implement a federal program here at some point in the next 18 to 24 months."
With a lot of developments working in Tilray's favor, shares of the marijuana producer continue to climb. If marijuana legalization in the U.S. becomes a reality, expect its stock to grow even more.