Cannabis stock is so hot it's smoking

A Complete List Of Punishments For Marijuana Possession In Popular Canadian Travel Destinations featured image

In a day of volatile trading shares in Tilray hit an intraday high of $300, which is a near doubling from its previous close of $154.98. The shares, which closed at more than $214 for the day, then continued to lose ground in after-hours trading.

A spike in the Canadian cannabis company's stock price in recent days has made it the most valuable publicly traded pot company on the planet, with a market capitalization of almost $20 billion.

Cannabis peers traded higher in early USA trading Wednesday, with Cronos Group rising 12 per cent, Canopy Growth Corp. up 6 per cent, Aurora Cannabis Inc.

The drastic swings in the stock follow a almost 30 per cent jump on Tuesday after the Nanaimo, B.C. - based firm announced it got the green light from the U.S. Drug Enforcement Administration to export cannabis in capsule form to a researcher at a university in the U.S., where the drug is still illegal at the federal level.

Tilray is interested in the burgeoning market for consumer products that use ingredients from marijuana, CEO Brendan Kennedy said in an interview in New York Tuesday.

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Kennedy noted that Tilray's IPO was just two months ago, although he added that he's always looking for ways to raise capital.

The company and a researcher at the University of California San Diego where the clinical study is taking place believe this is the first time a Canadian licenced company has been approved to export a cannabis product to the US, where marijuana of any kind is illegal at the federal level.

While cannabis is legalized in several states for recreational and medical use, it remains a Schedule 1 drug under US federal law.

With files from the Canadian Press.

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