Nanaimo’s Tilray pot stock continues rising, firm now worth more than $21 billion US

The B.C. company’s shares have risen more than 1,000 % since its initial public offering in July

Nanaimo’s Tilray pot stocks continue rising, firm now worth more than $21 billion US

Nanaimo cannabis producer Tilray Inc’s share prices continued its volatile volcanic rise at the start of trading on Thursday morning, rising another nine per cent before see-sawing lower.

Tilray was the talk of the stock market on Wednesday after hitting nearly $300 US and seeing its shares halted five times before closing at $214.06, a rise of 38.1% in a single day.

The Nanaimo company’s shares have risen more than 1,000 % since its initial public offering in July, and more than 500% in the last month.

READ MORE: Nanaimo’s Tilray briefly the world’s largest cannabis company

The surge was propelled in part by an announcement on Tuesday that Tilray had received approval to export a medical cannabis product to the U.S. for use in a clinical trial.

Its market cap on Wednesday reached $20.28 billion US, making it the largest cannabis company in the world. By Thursday morning, its market cap gained nearly $1 billion more, registering at an incredible $21.24 billion.

The high means that the Nanaimo firm is now the largest cannabis company in the world

Tilray and a researcher at the University of California San Diego believe this is the first export of a cannabis product from a Canadian company to the U.S., where marijuana is still illegal at the federal level.

Tiray will be exporting capsules containing a formulation with two active ingredients extracted from the cannabis plant for a clinical trial examining the drug as a potential treatment for adults with essential tremor, a neurological disorder.

READ MORE: Tilray the export cannabis to U.S. for clinical trial

The formulation will contain cannabidiol and tetrahydrocannabinol, better known as CBD and THC, and will be used in a trial scheduled to begin in early 2019.

UC San Diego’s Dr. Fatta Nahab said he believes this product has not been imported from Canada into the U.S. before.

While several states have legalized cannabis for medical or recreational use, marijuana remains illegal under U.S. federal law.

Tilray trades as TLRY on the Nasdaq.

– With files from the Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Tahltan reach benefits agreement over Seabridge’s massive KSM gold mine project

$308M agreement provides additional billions for Tahltan jobs, contracts

Researchers to flush Skeena with bright dyes for spill-response study

Kitsumkalum leading effort as rail transport of hazardous materials on the rise

Kitimat couple tops at His and Hers tournament in Prince Rupert

Final day comeback saw the pair edge out the competition

Feds announce funds to replace Kitimat’s Haisla River Bridge

Bill Morneau said Ottawa’s $275 million will also help fund high energy-efficient gas turbines

Gentlemen, and ladies, start your motors!

Kitimat Memorial Hill Climb 2019

Video shows fireworks shot at swan in Alberta

Alberta Fish and Wildlife is investigating the incident in Grande Prairie

‘Text neck’ causing bone spurs to grow from millennials’ skulls, researchers say

Technology use from early childhood causing abnormal bone growths in 41 per cent of young adults

B.C. teen killed by fallen tree on field trip remembered as hero

13-year-old Tai Caverhill was the first to spot the tree falling and warned his friends

Surrey RCMP raises Pride flag amid din of protesters

There were about 30 protesters on either side, and 20 Mounties doing crowd control

Should B.C. get rid of Daylight Saving Time?

The province wants to know, as state governments down south make the move

Air Canada reviewing how crew left sleeping passenger on parked plane

In a Facebook post, the woman said she woke up ‘all alone’ on a ‘cold dark’ aircraft

Canadians crash out of Women’s World Cup in 0-1 loss to Sweden

Canada missed a chance to tie the game on a penalty shot

Four-year-old boy assaulted at B.C. soccer game

It happened at a weekend tournament in Ashcroft

B.C. residents rethinking summer road trips due to gas prices

63 per cent of respondents reported gas prices are impacting their day-to-day finances

Most Read