This week has seen cannabis stocks soar ---- Tilray (ticker: TLRY) has nearly doubled this week - and is up 1000% since its IPO!
Will Canopy Growth Company (ticker: CGC) be added to the AIM Funds? Follow this blog to obtain the AIM student write-up of CGC and four other stocks click here: September 21st Write-Ups.
To do background work prior to the AIM stock pitch on Friday 9/21, here is a story published last night by Finimize about the growing Canadian cannabis story.
The Future’s Green - “Puff puff, pass along this story”
What’s Going On Here?
Canadian cannabis company Tilray’s stock rose by almost 50% on Wednesday (it’s tripled in value in September). The medical-marijuana maker is now worth more than American Airlinesand CBS Group, making some investors paranoid.
What Does This Mean?
On Tuesday, the US Drug Enforcement Administration gave Tilray permission to export its cannabis to the US for use in medical research. Tilray’s now testing its products for medical applications in four countries – potentially encroaching on Big Pharma’s turf, which is worth around $450 billion a year in the US alone. It also has its eye on cannabis-infused consumer products.
Why Should I Care?
Marijuana stocks have gotten high as kites in recent weeks, stoked by news of Coca-Cola’s interest in partnering with Aurora Cannabis over infused drinks – and Constellation Brands(owner of Corona beer) raising its stake in Canopy Growth last month. Investors have called Tilray’s stock rally “beyond comprehension”. The value of its shares is currently over $20 billion, even though it only made about $20 million in sales last year.