What happened

Tilray (TLRY -2.86%) stock climbed more than 14% on Tuesday. The Canadian cannabis company opened at $10.17, then rose to as high as $11.63 during the day. The stock was as high as $63.91 in February, but has been on a steady decline since.

So what

Tilray shook up its management team on Tuesday, appointing former Bacardi executive Blair MacNeil as the company's president. According to Tilray, MacNeil will oversee sales, marketing, and operations for Tilray's medical and adult-use cannabis business.

A customer buys product at a cannabis dispensary from a worker.

Image source: Getty Images.

Tilray has been active in acquisitions, with an eye toward moving into the U.S. market, once that is allowed. In May, it completed its merger with another Canadian cannabis company, Aphria, one of the biggest moves by a cannabis company this year. In August, the company purchased a majority position of outstanding senior secured convertible notes in troubled cannabis company MedMen Enterprises, which has 24 retail locations through six U.S. states. Tilray already owns Sweetwater Brewing and MacNeil's expertise in the beverage industry will help Tilray in the cannabis-infused beverage market.

Another factor in Tilray's rise on Tuesday was that it was a good day for several cannabis companies, and Tilray, long a meme favorite, was buoyed when it appeared the slump of cannabis stocks might be ending. Canopy Growth and Cronos Group were both up more than 7% on the day and the ETFMG Alternative Harvest ETF was up more than 5%.

Now what

It remains to be seen how long Tilray can rally. The cannabis stock has been highly volatile -- with its 52-week high at $67 and its 52-week low at $5.25. The company isn't showing a net profit and it reported a $34.6 million loss in the company's fiscal 2022 first-quarter report. However, it was also the company's tenth consecutive quarter of positive adjusted EBITDA and net revenue was reported as $168 million, up 43% year over year.

While Tilray has been a retail investor favorite, it appears to be likely a better play as a long-term buy. The company is making aggressive moves to position itself to be a bigger player in the United States if federal laws are relaxed regarding cannabis.