Dear Tilray (TLRY) fans, mark your calendars for April 6th

Tilray (NASDAQ:TLRY), one of the most influential cannabis stocks in the market, continues to provide an exhilarating option for traders and speculators to bet on the future of this fledgling industry. Indeed, the price action with TLRY stock has been incredible for the past few weeks. Since mid-March, the shares have almost doubled. This is despite recent weakness over the past five trading days.

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Like other high-growth sectors, cannabis has been extremely volatile in recent years. Tilray jumped on several occasions, first when Canada legalized recreational use, then on news that the United States would have Democratic majorities in the Senate and House of Representatives. So far, little tangible progress has been made on federal legalization in the United States. However, investors’ hopes rose following the recent death of the MORE Act in the House.

It remains to be seen whether or not this bill will pass through the Senate. However, there is now a catalyst for investors to focus on. And short-term volatility can be a trader’s best friend. Such has been the case with Tilray in recent weeks.

Let’s dive into the next potential catalyst that could scare TLRY stocks.

Investors eye TLRY stock earnings on April 6

As a colleague pointed out InvestorPlace contributor Vandita Jadeja in a recent article, Tilray’s upcoming earnings on April 6 could be a big catalyst. Whether the TLRY stock rises or crashes after the quarterly report remains to be seen. However, this is undoubtedly going to be a high volatility event.

So what should you watch this week? As Jadeja reported, analysts are looking for revenue of $247.29 million.

Beyond that, investors can look to see how the company plans to grow its market share and diversify its business. Tilray is currently focusing on the Canadian market. That means investors may be curious about how executives view the MORE Act talks in the United States.

Right now, Tilray remains one of the most speculative names out there. However, with speculation back in favor on Wall Street and legislation being debated, this earnings call is one to watch.

As of the date of publication, Chris MacDonald had (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.

Chris MacDonald’s love of investing has led him to pursue an MBA in finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative long-term investment outlook.

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