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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

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1 hour ago - World

Americans increasingly see China as an enemy

One in three Americans, and a majority of Republicans, now view China as an enemy of the United States, according to a new survey from Pew Research Center.

By the numbers: Just 9% of Americans consider China a "partner," while 55% see Beijing as a "competitor" and 34% as an "enemy."

Scoop: Leaked HHS docs spotlight Biden's child migrant dilemma

A group of undocumented immigrants walk toward a Customs and Border Patrol station after being apprehended. Photo: Sergio Flores/The Washington Post via Getty Images

Fresh internal documents from the Department of Health and Human Services show how quickly the number of child migrants crossing the border is overwhelming the administration's stretched resources.

Driving the news: In the week ending March 1, the Border Patrol referred to HHS custody an average of 321 children per day, according to documents obtained by Axios. That's up from a weekly average of 203 in late January and early February — and just 47 per day during the first week of January.

Ben Geman, author of Generate
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Mounting emissions data paints bleak picture on Paris climate goals

Illustration: Aïda Amer/Axios

Researchers keep finding new ways to reveal that nations are together showing very few signs of getting on track to meet the Paris Agreement's goals.

One big question: That's whether a spate of recent analyses to that effect, and scientific reports coming later this year, will move the needle on meaningful new policies (not just targets).