Cannabis stock is so hot it's smoking

23 Setiembre, 2018, 18:25 | Author: Arnold Perez
  • Traders watch stock prices on the floor of the New York Stock Exchange in New York Sept. 19. Canadian cannabis companies are making giant gains in the U.S. stock market ahead of legalization in Canada next month

With so few shares available, they are ripe for picking by the short-sellers that are ever present - investors who bet that a stock will go down, and are building big positions in Tilray and other cannabis stocks.

Tilray Inc., the company who received the approval, already has global cannabis shipping experience.

Earlier in the week, Bloomberg reported Coca-Cola was in talks with rival Aurora Cannabis to develop beverages infused with the nonpsychoactive compound CBD.

Although legal in many states, marijuana is still illegal under federal law, which limits the number of US companies that are able to provide certain types of strains for medical use. Nahab's team had selected the Canadian company from a shortlist of four. The move marks Tilray's first clinical trial in the USA and supports the company's medical cannabis prospects as it competes with Canopy in an "IP-arms race", Cowen analyst Vivien Azer said in a September 18 note. CEO Brendan Kennedy helped power the surge on Wednesday by touting the company's growth prospects along with others in the cannabis sector. The research was partially funded by Tilray as well as the International Essential Tremor Foundation.

Canadian cannabis stock Tilray has, to put it mildly, been on a unusual trip.

"Our long-term vision is if a patient walks into any pharmacy in any country in the world that has legalized cannabis that patient should be able to obtain a Tilray product".

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The massive surge in pot stock Tilray Inc. has delivered a multi-billion dollar windfall for a little-known private equity fund backed by investor Peter Thiel. Tilray jumped 29 per cent Tuesday and 38 per cent Wednesday, and it's dropped 19 per cent Thursday.

Tilray has agreements to sell pot in Canadian pharmacies including Shoppers Drug Mart and is investing in production capacity in Portugal so it can supply the European Union from within Europe, Kennedy said in an interview. He says that unless the USA legalizes marijuana for recreational use, the current price of cannabis stocks is just way too high.

"Citron would like to inform investors of caution on the ongoing and real green rush", the firm said at the time. The market has since been calling for Tilray to release more shares into the public. Last year, Barrick earned more than $8 billion while Tilray's revenue was only at $20 million. About a third of Tilray's float is sold short, according to financial analytics firm S3 Partners.

Tilray soared Tuesday after announcing the U.S. DEA approved plans for it to import medical marijuana to supply a clinical trial in California; the stock has gained 42 per cent this week and more than 1,100 per cent since its trading debut in July.

Battley told the Post that a US listing would broaden access of its stock to institutional investors who aren't allowed to trade OTC-listed stocks.

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