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Tilray Soars as Cannabis Becomes the Next Topic of Reddit Traders

Published 02/10/2021, 02:29 PM
Updated 02/10/2021, 02:40 PM
©  Reuters

© Reuters

By Liz Moyer

Investing.com -- Tilray Inc (NASDAQ:TLRY) shares jumped 38.5% on Wednesday, and reports say it is now a subject of talk among the same Reddit group that boosted shares of GameStop Corp (NYSE:GME) into the stratosphere. 

The Canadian cannabis company struck a deal this week to distribute medical marijuana in the U.K. and is also poised for growth abroad. Cannabis stocks are getting a boost in the U.S., where Democrat lawmakers have indicated a willingness to legalize pot.

MarketWatch reported on Wednesday that the Reddit group WallStreetBets was abuzz with Tilray talk, with participants encouraging each other to effect a short squeeze in Tilray and also to buy shares of Aphria (NASDAQ:APHA) Inc (TSX:APHA), which is merging with Tilray.

Latest comments

Penny pot MJNA. Its up from 6 cents to 17 cents. Time for me to buy 10000 shares more
The ideal Stock is called Tilt Holdings   It will be the next Talk of Reddit, only a matter of time
Thanks reddit, don't use your app but making a lot of money from your user though.
SNDL
sndl did good today also
oh comeon! stop blaming wsb for anything and everything.
Hold to the moon both T and APHA
How high you think T goes?
it was 300 two years ago...
but wasn't that manipulated with no reasoning?
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