Marijuana ETF Soars as Cannabis Stocks Tilray, Canopy Growth Corporation Rally

Marijuana ETF Soars as Cannabis Stocks Tilray, Canopy Growth Corporation Rally

B.C.-based Tilray becomes most valuable cannabis company after stock spikes as high as 1,600 per cent

Wednesday's gains follow a 23 percent rise in the shares on Tuesday, after the company received USA approval to import cannabis from Canada for use in a clinical trial.

"We've got a set dosing, fixed, highly consistent, and so it's really going to help us advance the field much more", Nahab said of the Tilray product, which is a capsule containing a cannabinoid formulation with the active ingredients cannabidiol (CBD) and tetrahydrocannabinol (THC), according to CBC.

The 1st private equity firm focused exclusively on the cannabis industry has minted 3 new billionaires.

Tilray Inc., the company who received the approval, already has worldwide cannabis shipping experience. Cronos Group Inc. was up 9% premarket and Canopy Growth Corp. was up 5%.

Brendan Kennedy, Tilray's CEO, said he is aiming for a $100 billion market valuation for the company and that instead of aiming to be taken over by a bigger company in the future, he aims for Tilray to be the one buying other entities along the way.

"It's quite significant", Dr. Catherine Jacobson, Tilray's director of clinical research told the Canadian newspaper. Kennedy and Blue are both graduates of Yale School of Management's MBA program.

Tilray's exports should be helping out researchers in the United States.

"Our long-term vision is if a patient walks into any pharmacy in any country in the world that has legalized cannabis that patient should be able to obtain a Tilray product".

On the heels of the reports that the Trump administration has convened an commission with an anti-marijuana objective, and news that the Justice Department is blocking Drug Enforcement Administration requests to allow research grows to produce high quality cannabis for studies, the Drug Enforcement Administration (DEA) has somehow arranged for a Canadian company to send high quality cannabis extracts to California based researchers.

Tilray is investing in production capacity in Portugal so it can supply products to the European Union from within Europe, he said. Citron Research said it remains short on Tilray, calling the stock's surge "beyond comprehension" in a Tweet Wednesday.

His "Mad Money" appearance followed a fast and furious news cycle in the cannabis space that saw his company receive permission to export legal weed to the U.S. to supply a clinical trial at the University of California at San Diego. Despite the ballooning valuation, the company had just $20 million in revenue a year ago. The company also has its High Park brand for the recreational market in Canada, which has secured supply agreements with seven provinces and territories, Kennedy said. That's also fueling the surge in pot stocks.

"The small investors always end up with the short end of the stick", he said.

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