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Data: FactSet; CHART: Naema Ahmed/Axios

Marijuana company Tilray, which IPO'd in July at $17 per share, had a truly wild stock-market ride on Wednesday, one day after announcing that it's being allowed to import marijuana from Canada into the U.S. for clinical trials.

Why it matters: Tilray is the only pure-play marijuana company traded in New York (the others are all in Toronto), and has become a speculative vehicle, with a valuation divorced from any conceivable reality.

The big picture: Tilray currently has a market capitalization in the $20 billion range, although it's anybody's guess where it will trade today, or tomorrow. It has $54 million of assets, $17 million in negative free cashflow, and its main product is a highly-taxed commodity with ultra-thin margins and chronic oversupply.

Still, it's a day-trader's delight. On Tuesday, Tilray closed at $155 per share. On Wednesday, it rose as high as $300 per share, before falling by $37 per share within two minutes.

That was enough to get Tilray halted for extreme volatility. When it reopened, it immediately fell another $37, bounced around, got halted again, fell further, got halted a third time, and fell even more — to a low of $151 per share — before rallying by $66 in four minutes to close at $218, up about 40% on the day.

  • Total volume was just shy of $7 billion, with more than 31 million shares trading hands. (The free float, or number of shares available to trade, is less than 18 million shares.)

Be smart: The wisdom of crowds does not apply to cannabis company market capitalizations. What you're seeing here is something between a bubble and a random number generator. Touch these stocks only if you love to gamble.

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Trump commutes Roger Stone's sentence

Roger Stone arriving at his sentencing hearing on Feb. 20. Photo: Drew Angerer/Getty Images

President Trump on Friday evening commuted the sentence of his longtime associate Roger Stone, according to two senior administration officials. Stone in February was sentenced to 40 months in prison for crimes including obstruction, witness tampering and making false statements to Congress.

Why it matters: The controversial move brings an abrupt end to the possibility of Stone spending time behind bars. He had been scheduled to report to prison on July 14.

Updated 10 hours ago - Health

Which states have set single-day coronavirus records this week

Data: COVID Tracking Project and state health department data compiled by Axios; Map: Danielle Alberti and Naema Ahmed/Axios

13 states this week surpassed records set just last week for their highest number of coronavirus infections in a single day, according to the COVID Tracking Project and state health department data. 16 states in total reported new highs.

The big picture: The United States' alarming rise in coronavirus cases isn't just due to increased testing — particularly where the number of cases has grown fastest over the last month, Axios' Andrew Witherspoon and Caitlin Owens report.

Updated 10 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 6:30 p.m. ET: 12,389,660 — Total deaths: 557,279 — Total recoveries — 6,830,596Map.
  2. U.S.: Total confirmed cases as of 6:30 p.m. ET: 3,169,611 — Total deaths: 133,885 — Total recoveries: 983,185 — Total tested: 38,856,341Map.
  3. Public health: The reality of the coronavirus bites.
  4. Trade: Trump says he's no longer considering phase-two trade deal with China because the pandemic damaged the two countries' relationship.
  5. 🎧 Podcast: Rural America has its own coronavirus problem.