Shares in Tilray Inc. Rise 1000% Since IPO, Now Back to Weeks Starting Point (500% range)
The high ride to the top as largest cannabis company was short lived for Nanaimo, B.C.’s, Tilray Inc. as stocks are back to where they started at the beginning of the week around the $120.00 USD mark.
On Tuesday, stocks skyrocketed with reports of Tilray receiving permission as the first ever cannabis company to legally export marijuana into the USA as part of a clinical trial at the university of San Diego.
Opening Monday, $117.03 USD a share, Tuesday’s news had investors hungry as trading was so furious that trading was halted an amazing 5 times. Wednesday shares of Tilray hit an all time high of $263.00 USD, trading was halted several more times. Through all the speculation, Tilray became a stock to sell as uncertainty of the plans appeared to be one factor for the sell off that dropped the share back down to $176.35 USD on Thursday, as seen below.
Canadian Heavyweight Cannabis Producer Loses Largest Market Capitalization Title
Friday lead to a surprising continued downward trend, stripping Tilray’s title of cannabis world champion while its closed the week out at $123.00, less then $3 a share up from the start of the week.
Market Capitalization of Tilray valued at $11.46B USD. Canopy Growth Corporation regained the title of world’s largest cannabis corporation valued at $14.73B USD.
At the end of the day, Tilray has lost revenue in it’s first 2 years of operation with loses totally approximately $7 million each year.
Tilray Inc., american owned and headquartered in Canada, trades as TLRY on the Nasdaq.
Headline image from Twitter