Deciding what to do with Tilray Brands right now is no easy feat. The stock has been on a wild ride lately, with a 35.3% gain over the last week and up 28.8% over the past month. Year to date, it is still up 10.3% despite trailing off over the past year with a -5.3% return. Step back three years, and the share price tells a different story with a hard-to-ignore decline of 58.7%. Whether you are a believer in cannabis industry momentum or warily watching from the sidelines, it is impossible to ignore these shifting trends. Volatility is ever-present, but so is the potential for big moves.

What is behind these recent swings? Most notably, optimism around shifting U.S. cannabis reform has reignited attention in the sector, sending…