Canadian cannabis company Tilray is backed by early-stage investor extraordinaire and billionaire Peter Thiel.
On Wednesday, shares had to be halted five times due to the massive stock demand imbalances as the price skyrocketed 94 percent intra-day to $300 a share, up from $154 Tuesday — all before closing the session at $214, up 38 percent for the day.
However, by the close on Friday, shares were at $123 — still not bad for a stock that only went public in July at $17 per share.
So what caused the big party in Tilray stock? On Tuesday, Tilray announced that the company received approval from the DEA to import cannabis products for clinical study. And later that night, the Tilray CEO said that cannabis is “a great hedge” for alcohol and drug companies.
Canada is legalizing recreational use on Oct. 17, sparking renewed interest in marijuana stocks.
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