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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