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Data: FactSet; Chart: Axios Visuals

Shares of medical cannabis company Tilray soared for the third straight day on Wednesday, jumping by 50.9% after a gain of 40.7% on Tuesday and 17% on Monday.

The big picture: While the entire cannabis sector is flying high thanks to expectations of U.S. legalization under President Biden, companies like Tilray and GW Pharmaceuticals, which are making major deals and acquisitions, are seeing their stock price soar to stratospheric levels.

Driving the news: On Tuesday, Tilray announced an agreement with Grow Pharma to import and distribute the company’s medical cannabis products into the U.K.

By the numbers: Tilray's stock is now up 674% year to date — a little more than six weeks — and has risen 234% since the beginning of February.

Between the lines: Korey Bauer, chief investment officer and portfolio manager at Foothill Capital Management, points out that cannabis company Aphria, which merged with Tilray in December, is trading at a significant discount to the terms of the deal.

  • Aphria shareholders will receive 0.8381 Tilray shares for each Aphria share they own, but Tilray shares are trading at more than twice the price of Aphria shares.

Go deeper: Pot stocks boom as industry sees prohibition ending

Go deeper

Swing voters oppose Texas abortion law

Protesters at a rally at the Texas State Capitol. Photo: Jordan Vonderhaar/Getty Images

All 10 swing voters in Axios’ latest focus groups — including those who described themselves as "pro-life" — said they oppose Texas' new anti-abortion law.

Why it matters: If their responses reflect larger patterns in U.S. society, this could hurt Republicans with women and independents in next year's midterm elections. The swing voters cited overreach, invasion of privacy and concerns about frivolous lawsuits jamming up the courts.

1 hour ago - Politics & Policy

Scoop: Biden bombs with Manchin

Then-Vice President Joe Biden conducts a ceremonial swearing-in for Sen. Joe Manchin in 2010. Photo: Tom Williams/Roll Call

President Biden failed to persuade Sen. Joe Manchin (D-W.Va.) to agree to spending $3.5 trillion on the Democrats' budget reconciliation package during their Oval Office meeting on Wednesday, people familiar with the matter tell Axios.

Why it matters: Defying a president from his own party — face-to-face — is the strongest indication yet Manchin is serious about cutting specific programs and limiting the price tag of any potential bill to $1.5 trillion. His insistence could blow up the deal for progressives and others.

Biden blindsides Europe with new AUKUS alliance on China

Photo illustration: Sarah Grillo/Axios. Photo: Melina Mara/The Washington Post via Getty Images

President Biden is constructing and deepening new alliances to strengthen the U.S. position in its showdown with China, but he risks alienating longstanding allies in the process.

Why it matters: Biden heralded a new agreement to help Australia acquire nuclear submarines as part of a trilateral security pact with the U.K. and the U.S. as an "historic step" to update U.S. alliances to face new challenges. The message from French foreign minister, Jean-Yves Le Drian, was quite different.