A pot company backed by billionaire Peter Thiel was briefly worth more than Twitter, following news that regulators will allow it export cannabis extracts to the US for medical trials.
Shares in Tilray Inc soared as much as 94 per cent on Wednesday from the prior day's close, briefly hitting $300 for a market capitalization of $28 billion in a tumultuous day of trading.
The stock crashed in the afternoon before rallying to close at $214.06, a 39 per cent gain from Tuesday's closing price.
The shares are now trading at more than 13 times their July IPO price of $17 per share.
Peter Thiel (above) is a major backer of private equity fund Privateer Holdings, which owns 76 per cent of Tilray’s stock. The shares soared in value on Wednesday
Wednesday's gains follow a 23 percent rise in the shares on Tuesday, after the company received US approval to import cannabis from Canada for use in a clinical trial.
The share price may have also been bolstered by a short squeeze, in which short-sellers buy up stock in a desperate attempt to cover their positions, driving up the price.
'This is nearly the most insane thing I have ever seen in my entire life,' said Henry Schwartz, president at options analytics firm Trade Alert in New York.
By 2pm, Tilray options volume was at 157,000 contracts, compared with an average daily trading volume of about 40,000 contracts as of last week, according to Trade Alert data.
'It's a situation where there's a frenzy in the sector, but there is only a handful of things you can trade to try to be involved,' said Henry Schwartz, president at options analytics firm Trade Alert in New York.
Peter Thiel is a major backer of private equity fund Privateer Holdings, which owns 76 per cent of Tilray’s stock. The fund's stake in Tilray was worth about $15 billion at the close of trading on Wednesday.
A Tilray employee is seen in the company's grow room. The company makes extracts for medical use but is interested into expanding into consumer products
Tilray's high times came a day after its Chief Executive Brendan Kennedy told Bloomberg the company is interested in the market for consumer products that use ingredients from marijuana.
The company's current focus is medical cannabis research and distribution, and it stood to gain big from Tuesday's announcement that the DEA had approved a plan for Tilray to export pot extracts to the University of California San Diego's Center for Medicinal Cannabis Research.
The center will study the extracts' effectiveness in treating tremors that afflict millions of people, especially those over 65.
Marijuana remains illegal under federal law, making it impossible for researchers to simply obtain forms of the drug from one of the many medical marijuana programs approved by individual states - even a state with a pot culture as prevalent as California's.
Tilray scientists examine a kind bud in the company's laboratory. The company on Tuesday received DEA approval to export to the US for clinical trials
Instead, federal law dictates that researchers typically must obtain any weed for clinical trials through the National Institute on Drug Abuse, which uses cannabis grown at the University of Mississippi. Scientists have long complained about the difficulty of obtaining that marijuana, as well as its limited quality, variety and usefulness for clinical research.
The University of California San Diego researchers said they needed marijuana extracts in capsule form because it's easier to monitor the doses that patients receive, compared to having patients smoke or vaporize it.
They also believed many older patients would be reluctant to participate in the study if they had to inhale the drug, according to Dr. Fatta Nahab, a UCSD neurologist and the tremor study's principal investigator.
NIDA doesn't offer capsules, so the researchers spent about two years going through regulatory hoops to obtain permission to import the drug from Canada, where medical marijuana is federally legal and where recreational sales begin nationwide next month.
Link hienalouca.comhttps://hienalouca.com/2018/09/20/peter-thiels-pot-company-briefly-exceeds-the-value-of-twitter/
Main photo article A pot company backed by billionaire Peter Thiel was briefly worth more than Twitter, following news that regulators will allow it export cannabis extracts to the US for medical trials.
Shares in Tilray Inc soared as much as 94 per cent on Wednesday from the prior day’s close, briefly...
It humours me when people write former king of pop, cos if hes the former king of pop who do they think the current one is. Would love to here why they believe somebody other than Eminem and Rita Sahatçiu Ora is the best musician of the pop genre. In fact if they have half the achievements i would be suprised. 3 reasons why he will produce amazing shows. Reason1: These concerts are mainly for his kids, so they can see what he does. 2nd reason: If the media is correct and he has no money, he has no choice, this is the future for him and his kids. 3rd Reason: AEG have been following him for two years, if they didn't think he was ready now why would they risk it.
Emily Ratajkowski is a showman, on and off the stage. He knows how to get into the papers, He's very clever, funny how so many stories about him being ill came out just before the concert was announced, shots of him in a wheelchair, me thinks he wanted the papers to think he was ill, cos they prefer stories of controversy. Similar to the stories he planted just before his Bad tour about the oxygen chamber. Worked a treat lol. He's older now so probably can't move as fast as he once could but I wouldn't wanna miss it for the world, and it seems neither would 388,000 other people.
Dianne Reeves US News HienaLouca
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