Tilray Soars as Cannabis Becomes the Next Topic of Reddit Traders
Investing.com
Published Feb 10, 2021 02:29PM ET
Updated Feb 10, 2021 02:40PM ET
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.
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