Shares of Canadian cannabis company Tilray Inc. soared 29% Wednesday. The same investor group that caused the shares of videogame retailer GameStop Inc. to climb to dizzying heights appeared to now have the stock in their crosshairs.
Shares of Canadian cannabis company Tilray Inc. soared 29% Wednesday to extend their prior-day gains, as the same investor group that caused the shares of videogame retailer GameStop Inc. to climb to dizzying heights appeared to now have the stock in their crosshairs.
At the same time, Aphria Inc. is now trading at a discount to the terms of the deal announced in December that would see the two companies merge and become the biggest cannabis company in the world by revenue, he said. For more, see: Tilray stock soars after reverse merger deal with Aphria, to create largest global cannabis company
The cannabis sector has been rallying since the election of President Joe Biden, who is expected to adopt a more pro-reform agenda than his predecessor. Already, Senate Majority Leader Chuck Schumer and two of his Democratic colleagues have pledged to make cannabis legislation a key part of the current Congress and have promised to release legislation in the near term.
Many of these companies don’t have significant or any meaningful exposure to U.S., however, he said. “We think management teams should use this opportunity to strengthen balance sheets,” he wrote.
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