After cannabis study drug approval, Tilray sees skyrocketing stock price

Lloyd Doyle
September 21, 2018

Some experts are concerned that the ending will be a buzzkill.

Tilray's wild stock market ride underlines the enormous potential investors see in the burgeoning marijuana sector - and of the volatility in the segment. With those huge gains have come extreme swings.

"We just went through this eight months ago with cryptocurrencies", says investor Ken Mahoney, CEO of NY based Mahoney Asset Management. "Whether you're an alcohol or an investor in an alcohol company, this is a global opportunity". That came after reports Coke was in talks with Aurora Cannabis about drinks containing cannabidiol, or CBD, a marijuana component that isn't psychoactive.

The company and a researcher at the University of California San Diego where the clinical study is taking place believe this is the first time a Canadian licenced company has been approved to export a cannabis product to the USA, where marijuana of any kind is illegal at the federal level.

Canopy Growth has more than doubled in value this year, and another rival trading in the U.S., Cronos Group has jumped 78 percent. Shares were US$35.90 when trading closed August 20.

It's reefer madness for Nanaimo-based Tilray Inc., which is now the most valuable cannabis company of its kind in the world.

Growe noted that governments considering marijuana legalization or similar policies are likely to move very slowly.

"I don't want to get bought by AB-InBev or Diageo, I want to be that company", he said Tuesday.

According to newest insights from KAYAK, one of the worlds largest flight aggregator and travel metasearch engine, these are the top trending destinations among Canadian travellers in 2018, and the statuses and penalties for cannabis use for each of them.

Cannabis peers traded higher in early US trading Wednesday, with Cronos Group rising 12 per cent, Canopy Growth Corp. up 6 per cent, Aurora Cannabis Inc.

Other reports by Iphone Fresh

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