Cannabis Stock is the New Battleground for Reddit Traders, Hedge Funds

A worker holds a tray with cannabis cuttings at the new European production site of Tilray medical cannabis producer, in Cantanhede, on April 24, 2018. PATRICIA DE MELO MOREIRA/AFP via Getty Images

Cannabis startup Tilray is riding a wave of good news recently—from agreements to export its products to Europe to a merger deal with Aphria to form the world’s largest cannabis company—that’s sending its stock price soaring and drawing the attention of hedge funds as well as retail investors on Reddit’s notorious WallStreetBets forum.

Since the announcement of the Tilray-Aphria merger in December, Tilray shares have jumped more than 400 percent. Aphria shares have gained 243 percent over the same period. Other companies in the cannabis sector are also riding the surge: Canopy Growth shares have doubled since Christmas; so has ETFMG Alternative Harvest ETF, a fund tracking cannabis stocks globally.

On Tuesday, a user on r/WallStreetBets, who claimed he’d gained $500,000 from Tilray and Aphria investments since January, told the forum’s 8.8 million members that the two stocks have more room to rise. His post has earned over 11,000 likes since publishing. And Tilray and Aphria shares are up 21 percent and 10 percent, respectively, Wednesday morning.

See Also: Who Should Pay for the GameStop-Robinhood Chaos? SEC, Lawmakers Ponder Options

Tilray and Aphria are…

A worker holds a tray with cannabis cuttings at the new European production site of Tilray medical cannabis producer, in Cantanhede, on April 24, 2018. PATRICIA DE MELO MOREIRA/AFP via Getty Images

Cannabis startup Tilray is riding a wave of good news recently—from agreements to export its products to Europe to a merger deal with Aphria to form the world’s largest cannabis company—that’s sending its stock price soaring and drawing the attention of hedge funds as well as retail investors on Reddit’s notorious WallStreetBets forum.

Since the announcement of the Tilray-Aphria merger in December, Tilray shares have jumped more than 400 percent. Aphria shares have gained 243 percent over the same period. Other companies in the cannabis sector are also riding the surge: Canopy Growth shares have doubled since Christmas; so has ETFMG Alternative Harvest ETF, a fund tracking cannabis stocks globally.

On Tuesday, a user on r/WallStreetBets, who claimed he’d gained $500,000 from Tilray and Aphria investments since January, told the forum’s 8.8 million members that the two stocks have more room to rise. His post has earned over 11,000 likes since publishing. And Tilray and Aphria shares are up 21 percent and 10 percent, respectively, Wednesday morning.

See Also: Who Should Pay for the GameStop-Robinhood Chaos? SEC, Lawmakers Ponder Options

Tilray and Aphria are…

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