Finance
Tilray stock surges after exporting cannabis treatment to Australia
Tilray, one of the largest Canadian marijuana companies, said Tuesday that it had successfully shipped a CBD product to Australia for treatment of children with epilepsy at three hospitals in Victoria. CBD is one of the nonpsychoactive compounds found in cannabis.
The company’s stock surged 17% following the announcement, breaking a three-day losing streak for the $8.7 billion company.
It’s the second round of medical cannabis exporting by Tilray to the Australian state under the government’s “compassionate access” scheme, which first treated 29 critically-ill patients in March 2017. The patients were the first in Victoria to legally access marijuana-derived medicines.
Similar export announcements by Tilray last week — involving treatment of Essential Tremor (ET) in California — also sparked a rally in shares, before falling 53% from their September 19 high of more than $119 apiece. Wall Street remains concerned abut stretched valuations following the stock’s more than 500% surge since its July initial public offering, giving it an average price target of $62 — implying a possible drop of 57%.
One prominent short-seller, Andrew Left of Citron Research, compared the rally in cannabis names to the cryptocurrency craze of early 2018: “These stock prices are equivalent to bitcoin mania – although it is even more ridiculous than bitcoin,” he said on September 12, when Tilray shares were trading even lower than where they were on Tuesday.
-
Business5 days ago
API startup Noname Security nears $500M deal to sell itself to Akamai
-
Business5 days ago
US think tank Heritage Foundation hit by cyberattack
-
Entertainment4 days ago
NASA discovered bacteria that wouldn’t die. Now it’s boosting sunscreen.
-
Entertainment5 days ago
How to watch ‘Argylle’: When and where is it streaming?
-
Business4 days ago
Tesla drops prices, Meta confirms Llama 3 release, and Apple allows emulators in the App Store
-
Entertainment3 days ago
‘The Sympathizer’ review: Park Chan-wook’s Vietnam War spy thriller is TV magic
-
Entertainment4 days ago
Dyson 360 Vis Nav robot vacuum review: Dyson should just stick to upright vacuums
-
Business3 days ago
TechCrunch Mobility: Cruise robotaxis return and Ford’s BlueCruise comes under scrutiny