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Expand chart
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.

Go deeper

Hill votes will make global waves

President Biden addresses the UN General Assembly on Sept. 21, 2021 in New York City. Photo: Eduardo Munoz-Pool/Getty Images)

This epic week for President Biden on Capitol Hill is even bigger than his domestic agenda.

Why it matters: Biden has anchored his entire strategy for foreign affairs on the notion that "America is back." What that means in practice is that Biden needs to prove democracy works to rally America’s liberal allies against rising authoritarians.

3 hours ago - World

German election: Exit polls show close race to succeed Angela Merkel

SPD leader Olaf Scholz. Photo: Alex Kraus/Bloomberg via Getty Images

BERLIN — The first exit poll from Sunday's German elections showed the center-left Social Democrats (SPD) and the center-right Christian Democrats (CDU) in a dead heat at 25%, leaving the race to succeed Angela Merkel too close to call.

The state of play: A second exit poll showed the SPD narrowly ahead. That's the one televisions displayed at SPD headquarters in Berlin, where the room erupted into cheers. Official results will roll in throughout the evening.

Abbott says he'll hire Border Patrol agents on horseback if they're fired

Texas Gov. Greg Abbott (R) on Sunday defended the actions of U.S. Border Patrol agents who charged at Haitian migrants on horseback, blaming the Biden administration for not preventing them from crossing the border.

Why it matters: Abbott's remark on "Fox News Sunday" comes amid increased backlash over the incident, with President Biden saying, "I promise... those people will pay,” and the Department of Homeland Security launching an investigation.

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