Tilray (NYSE:TLRY) Spikes as CEO Touts Marijuana Growth Prospects

Tilray (NYSE:TLRY) Spikes as CEO Touts Marijuana Growth Prospects

Tilray (NYSE:TLRY) Spikes, CEO Touts Marijuana Growth Prospects

$TLRY

“I don’t want to get bought by AB-InBev or Diageo, I want to be that company” CEO Kennedy said Tuesday 

Tilray (NYSE:TLRY) is having its best day since its July IPO, adding as much as 94% to briefly touch 300/share, after CEO Brendan Kennedy touted the company’s growth prospects.

He said he sees potential for his company and others in the cannabis sector to ultimately top $100-B in valuations. The stock’s dramatic move triggered a halt for volatility.

The stock surge came after CEO Brendan Kennedy touted the company’s growth prospects in a national TV interview.

On Tuesday after announcing the US DEA approved plans for it to import medical marijuana to supply a clinical trial in California; the stock has gained 42% this week and more than 1,100% since trading opened in July

The company’s valuation exceeded $25-B, making it larger than some more mainstream stocks including American Airlines, Clorox

Cannabis peers traded higher in US trading Wednesday, with Cronos Group rising 12%, Canopy Growth Corp. +6%, Aurora Cannabis Inc. 9.3% higher and Aprhria climbing 1.9%.

Related stocks also got a boost, including a 18% lift for New Age Beverages, which has said it is testing CBD-infused beverages, while Shopify, which was selected to run online marketplace for marijuana products in Canada, rose 2%.

Citron Research earlier said it remains short on Tilray and called the move “beyond comprehension,” blaming the volatility on its low float of 10.3-M shares Vs the 76.5-M shares outstanding.

CEO Kennedy said the company is exploring consumer products that include marijuana ingredients and would rather build his business than get acquired by a large consumer company.

“I don’t want to get bought by AB-InBev or Diageo, I want to be that company,” he said Tuesday

HeffX-LTN Analysis for TLRY: Overall Short Intermediate Long
Very Bullish (0.60) Very Bullish (0.69) Very Bullish (0.62) Very Bullish (0.50)

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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