Reddit Traders target Cannabis stocks; Tilray stocks price surges 50%

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Weeks after Gamestop frenzy, controversial subreddit r/WallStreetBets Traders targeted the shares of a Canadian Pharmaceutical and cannabis company.

Shares of Tilray, a global leader in cannabis research, cultivation, and distribution soared by hiked by 50% on Wednesday.

The recent surge brings the company stock’s year-to-date gain to more than 670%.

Tilray previously experienced a short squeeze in its stocks similar to GameStop and AMC, after it went public in 2018. The Company's stocks surged about 1400% between July and September that year.  Short interest on the stock surged to 3.5 million shares. 

“I remember getting five different calls from Nasdaq in a single day about our stock being halted because the short sellers were being squeezed so badly,” Tilray CEO Brendan Kennedy said, referring to the 2018 short squeeze. “My advice to those CEOs would be that, at times like this, your company is not your stock and your stock is not your company.

Rookie day traders from WallStreetBets also targeted other cannabis stocks. Smith Falls, Ontario-based Canopy Growth Corporation  (formerly Tweed Marijuana Inc.) saw its shares stonk by 6%, adding to its 110% rally in the first quarter of 2021. 

Publish : 2021-02-11 12:25:00

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