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

Motown Soul celebrates ‘greats’ of classic era

Show pays tribute to Diana Ross and The Supremes, The Temptations, Marvin Gaye among others

Women of Excellence Awards introduces ‘Women of Excellence in Construction’

Gala will take place June 19th at the Sheraton Red Deer

Check online to make sure you’re registered to vote in upcoming provincial election

Advance polls open Tuesday, April 9th to Saturday, April 13th

UPDATE: Christy Starling has been found

Red Deer RCMP thank the public for their assistance

VIDEO: Restaurant robots are already in Canada

Robo Sushi in Toronto has waist-high robots that guide patrons to empty seats

‘Families torn apart:’ Truck driver in fatal Broncos crash gets 8-year sentence

Judge Inez Cardinal told court in Melfort, Sask., that Sidhu’s remorse and guilty plea were mitigating factors

WestJet sticking with Boeing 737 Max once planes certified to fly

WestJet had expected to add two more of the planes this year to increase its fleet to 13

Fierce house cat spotted as ‘aggressor’ in face off with coyote in B.C. backyard

North Vancouver resident Norm Lee captures orange cat versus coyote in backyard showdown

Wilson-Raybould to reveal more details, documents on SNC-Lavalin affair

Former attorney general has written to the House of Commons justice committee

Anti-discrimination group wants to map offenders with cross-Canada hate atlas

Morgane Oger Foundation issues call for volunteers to help build Canadian Atlas of Populist Extremism

GM announces jobs, electric vehicle after Trump criticism

The company says it will spend $300 million at its plant in Orion Township

Trucker who caused Broncos crash likely to be deported: lawyer

The Crown has asked that Sidhu serve 10 years in prison

China chemical plant blast kills 47, injures hundreds more

This is one of China’s worst industrial accidents in recent years

Most Read