Investors Are Getting High Off Cannabis Stock Prices
Canadian pharmaceutical company Tilray jumped over 40% today after announcing it had secured a deal to import and distribute medical cannabis in the United Kingdom. The partnership with Grow Pharma will allow $TLRY to foray into a completely new geography. Other marijuana players got a boost from Tilray’s blockbuster deal, including Aphria and OrganiGram Holdings. $APHA jumped 25%, OrganiGram jumped 32.4%, and major cannabis ETF $MJ jumped 13.4% today. One of the most prominent “momentum” plays to come out of the Wall Street Bets community since the $GME short squeeze is a lesser-known cannabis producer named Sundial Growers. The Canadian grower has an attractive price-to-sale ratio. $SNDL was at risk of being delisted from the Nasdaq Exchange after falling below $1 back in March last year. However, just since the start of the year, the company has run up 200% after being elevated by chatter on the reddit forum.
Tilray engages in the research, cultivation, processing, and distribution of medical cannabis.The company offers its products to patients, physicians, pharmacies, governments, and hospitals; and for researchers for commercial purposes, as well as compassionate access and clinical research applications.It operates in Argentina, Australia, Canada, Chile, Croatia, Cyprus, the Czech Republic, Germany, Israel, Ireland, New Zealand, South Africa, Switzerland, the United States, and the United Kingdom.The company was incorporated in 2018 and is headquartered in Nanaimo, Canada. (From: StockAnalysis.com)