By Carlo Versano
Tilray, the Canadian cannabis company swiftly becoming one of the most talked-about stocks of the year, was up as much as 50 percent on Wednesday morning, leading a continued bull run in pot stocks and putting its market cap above established companies like Macy's and Viacom.
Tilray President and CEO Brendan Kennedy said on Tuesday that pharmaceutical and alcohol companies need to consider partnering with cannabis suppliers as a hedge against their core businesses. Those comments, along with the halo effect of Tilray saying it earned approval to provide medical marijuana for a U.S. clinical study, helped send shares over $200 apiece ー they debuted on the Nasdaq at $17 just two months ago.
Citron Research, whose bearish bets on stocks can be market-moving, tweeted on Wednesday morning that Tilray's run is "beyond comprehension" and that it will continue to be short the stock "until rationality sets in." That followed another less-than-favoratble piece from Barron's that said, "even the bulls see a bubble."
But with the legal sales of cannabis in Canada now less than a month away ー and investors jockeying for position ー the sector could continue on its high, at least in the short-term. Shares of both Canopy Growth and Aurora Cannabis have also seen double-digit percent increases since they've received interest from Constellation and Coca-Cola, respectively.