Cannabis shares fell sharply on Thursday, with many of the sector’s best performers the day before. Tilray Inc. TLRY,
was last 40% lower, while Aphria Inc. APHA,
APHA,
with which it merged was 27% lower. The shares and other cannabis names were the target of the same group of investors in a Reddit subgroup that owns the shares of video game retailer GameStop Inc. GME caused.
to climb to dizzying heights in recent weeks. Investors on Wednesday encouraged each other to make Tilray the new GameStop by creating a brief push in the stock. Participants in the Reddit group called Wallstreetbets regret the turnaround on Thursday. Some have suggested they sell marijuana shares and use the funds to buy shares of the dating app Bumble Inc. BMBL for sale.
which made its debut in the stock market. The Cannabis ETF THCX,
was 15.5% lower.
