RATE Group | Tilray & Marijuana Stocks Smoke Cryptocurrency, Then Go Poof
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Tilray & Marijuana Stocks Smoke Cryptocurrency, Then Go Poof

22 Sep Tilray & Marijuana Stocks Smoke Cryptocurrency, Then Go Poof

Posted at 13:41h in Cryptocurrency News by

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The financial markets were ablaze this week with high volatility in cannabis shares unseating cryptocurrency as the trade of choice. References to cannabis in news articles were almost double that of cryptocurrency. But big falls on Friday, coupled with almost unilateral gains across crypto, showed how schizophrenic the weed market can be.

Tilray. When Lambo?

Tilray was the name on everyone’s lips this week. On Tuesday the Canadian company announced DEA approval to export a cannabinoid study drug into the US for clinical tests. TLRY stock jumped from around $120 to almost $300, as it saw $15 billion in volume from Monday to Thursday.

The price spurt intensified because the market cap for the company was just $16.4 billion at end of trading. On top of this, a single private equity fund controls over 70% of the shares, further reducing the available stock. The entire market cap of cannabis shares is around $35 billion, so investors were chasing each other around a very small…

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