Every day, it seems things are going haywire with Canadian cannabis stocks.
Yesterday, the big winner was Aurora Cannabis, which jumped 16.86 percent on news it was in discussions with Coca-Cola about CBD-infused beverages.
Today, it was Tilray’s turn.
The Nanaimo-based licensed producer is up nearly 30 percent after CEO Brendan Kennedy told Bloomberg that he’s hoping to lead a $100-billion company.
The company also benefited from a U.S. Drug Enforcement Administration decision.
Tilray has become the first Canadian company to receive permission to ship its medicinal cannabis to the United States to be used in a clinical trial.
It will be used in research at the University of California San Diego.
Tilray has been the stock-market darling of the summer.
It was originally going to be listed at US$17 on NASDAQ in July, but it’s since gone on steroids, reaching US$154.99 by 1 p.m. PDT today.
That’s an increase of more than 900 percent in less than two months.
The market capitalization is a whopping US$14.4 billion, making it the world’s most valuable publicly traded cannabis company.