what happened
Canadian marijuana grower Tilraysay (NASDAQ: TLRY) the share rose in 2021. Even before today’s boom, shares have been up 530% higher since January 1st. The stock jumped again Wednesday and rose 38% from 10:20 EST.
Approximately
Investors jump back on optimism that the underlying business ultimately has a visible path to prosperity. Shares initially rose in October 2018 after Canada legalized recreational marijuana. Even with the recent exorbitant gains, equities are still 60% lower than the exuberant highs.
Yesterday, the company reported a new distribution deal in the UK to go along with other recently announced European expansions. But today’s excessive move may also have something to do with another Reddit trade chase.
Image Source: Getty Images.
Now what
Yesterday, Tilray announced a new distribution agreement with UK medical cannabis distributor Grow Pharma. Under the agreement, Tilray’s pharmaceutical grade medical cannabis products are imported and distributed by Grow Pharma in the United Kingdom. The company expects to have internationally certified products available to patients next month. The agreement enables Tilray to provide authorized UK patients in need with a local supply of medical cannabis solutions, “the company said in a statement.
The announcement follows several others in the past two weeks that Tilray has been approved to supply certified medical cannabis in France and Portugal, and that it has started shipping medical cannabis to Spain.
There may be retailers on Reddit who are helping to shift stocks today. But Tilray will soon merge with fellow Canadian producers Africa (NASDAQ: APHA) to create one of the largest cannabis businesses in the world. Investors are jumping in with the hope that legalization in the US will also create a runway for future growth.