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Tilray (TLRY) – Get Report was tumbling Thursday, following its jump of 51% in the previous session, as the cannabis sector has caught the continued attention of traders on Reddit.
Tilray fell 25.43% to $47.66 in trading Thursday. It had risen substantially in the premarket session.
Aphria (APHA) – Get Report, which agreed in December to merge with Tilray in an all-stock deal to create the world’s biggest marijuana production and distribution company, was down more than 15%.
Sundial Growers (SNDL) – Get Report was another cannabis stock seeing serious action early Thursday, rising 12.2% to $3.31. Its year-to-date gain has exceeded 520%.
Reddit, the message platform, has roiled the market for the past several weeks, as retail investors rallied around such companies as GameStop (GME) – Get Report, AMC Entertainment (AMC) – Get Report, BlackBerry (BB) – Get Report and Nokia (NOK) – Get Report.
Cantor Fitzgerald analyst Pablo Zuanic told Barron’s that a lot of the activity in pot stocks “can be attributed to retail investors deciding to look for GME type opportunities in cannabis.”
Sundial was the most discussed stock on WallStreetBets on Thursday, according to SwaggStocks, while Tilray and Aphria also were getting lots of mentions.
Aurora Cannabis (ACB) – Get Report, which reports quarterly earnings Thursday, rose 7.7% to $16.81.
Tilray surged earlier this week after unveiling an agreement with peer Grow Pharma to import and distribute medical-cannabis products in the United Kingdom.
TheStreet’s Jim Cramer has his eyes on these stocks in the cannabis sector: GrowGeneration (GRWG) – Get Report, Canopy Growth (CGC) – Get Report and Constellation Brands (STZ) – Get Report.
How Jim Cramer Is Approaching the Cannabis Sector