Tilray Stock Price Surges 50%, Thanks To Reddit’s WallStreetBets Forum – By Danielle Ong (IB Times) / Feb 10 2021
- Wallstreetbets traders target a slew of cannabis companies
- Canadian cannabis distributor Tilray popped 50%
- The surge comes as traders bet on the legalization of the plant under the Biden administration
Rookie day traders from controversial Reddit channel WallStreetBets on Wednesday targeted the shares of a Canadian pharmaceutical and cannabis company, weeks after the subreddit initiated the GameStop frenzy.
Shares of Tilray, a global leader in cannabis research, cultivation and distribution, soared by 50% on Wednesday after the Reddit trading community bet on the federal legalization of the plant under President Joe Biden’s administration. The recent surge brings the company stock’s year-to-date gain to more than 670%.
Tilray has previously experienced a short squeeze similar to GameStop and AMC. After it went public in June 2018, the Canadian company’s stock rose about 1,400% between July and September. Short interest on the stock also surged to 3.5 million shares.
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