Tilray Inc (NASDAQ: TLRY) has seen a dramatic climb in value over the past week, jumping up nearly 20% in five trading sessions. The gains continue today. In fact, the stock triggered an alert from our partners at Trade Ideas. At the moment (10:51), TLRY is trading at $115.23 per share after a gain of $6.18 per share or 5.67% thus far today. The gains are happening for multiple reasons:
- The Canadian adult-use cannabis market will open a month from today. While many companies have been working to carve their slice of this market, few have been as successful as Tilray. The company has entered into various supply agreements that will put its products in front of more than 70% of its target audience.
- TLRY also recently announced that it made its first successful shipment to the UK, one of the world’s more under-recognized cannabis markets.
- Finally, the company recently announced that it has been granted permits to ship medicinal cannabis to patients in Germany.
Although the stock did dive a bit toward the end of the week as the US government warned that Canadian cannabis users and workers would not be allowed to cross the border, the fears seem to have subsided as gains continue in the market today.
In Other Cannabis News
Neptune Technologies & Bioressources Inc (NASDAQ: NEPT) is having a great day in the market after receiving a Confirmation of Rediness letter from Health Canada, bringing it one step closer to it’s goal of production and commercialization of cannabis oils by the end of the year.
The Coca-Cola Co (NYSE: KO) is making headlines and causing New Age Beverages Corp (NASDAQ: NBEV) to climb in the market today. At the moment, rumor has it that KO is interested in acquiring NBEV. Interestingly, NBEV is active in the procurement of trademarks that suggest it is going to be creating beverages with cannabis. At the same time, reports are surfacing that KO is eyeing the cannabis industry, which adds some validity to the acquisition rumors that surfaced this morning.
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