Marijuana stock Tilray saw dizzying heights up and down recently.
Tilray’s stocks are facing volatile times. The medical marijuana company has announced on Tuesday that it has been approved by the Drug Enforcement Agency to export from Canada into the United State, its cannabinoid study drug.
Wednesday saw wild swings up and down. Tilray shares which went up drastically gave up its surge upwards and turned into negative territory. It once again went up by 38 percent. This is the best surge that the company has witnessed since it went public in July.
The day began with the stock up in premarket trading, up by 40 percent. The company surged as the CEO suggested plans to partner with other companies in the international markets. With marijuana laws easing, the company sees great opportunities for the future.
Hours later, it saw a 50 percent upward move. At around 2.50 pm the shares of Tilray surged again by 25 percent. It touched $300, its intraday high which was a 94 percent gain. Then, within minutes it started its downward slide. The crash was so severe that it triggered an automatic halt in trade.
When trade resumed again after 10 minutes, it shot up fast, which halted trading again. When trading started again, the shares slumped down again and triggered a halt again, plunging to $151. When it resumed trade again, the stock was up by 40 percent where it closed at $214.06.
The final increase of $63 happened within a very short time span of six minutes. The shares ended in the green as it closed up by 38 percent. This is the best rally since Tilray went public in July.
Sean Stiefel, the founder, and Portfolio Manager, Navy Capital has said that valuations have gone up and “things have gotten a bit silly”.
Tilray shares halted 5 times in Nasdaq on Wednesday.