Investors are getting high off of cannabis stock prices after Congress introduced a bipartisan bill to expand marijuana research. It coincided with one of the biggest deals to happen to weed since the industry began trading on markets.
Canadian pharmaceutical company Tilray jumped over 40% today after announcing it had secured a deal to import and distribute medical cannabis in the United Kingdom. The partnership with Grow Pharma will allow $TLRY to foray into a completely new geography.
Other marijuana players got a boost from Tilray’s blockbuster deal, including Aphria and OrganiGram Holdings. $APHA jumped 25%, OrganiGram jumped 32%, and major cannabis ETF $MJ jumped 13% today.
One of the most prominent “momentum” plays to come out of the Wall Street Bets community since the $GME short squeeze is a lesser-known cannabis producer named Sundial Growers. The Canadian grower has an attractive price-to-sale ratio. $SNDL was at risk of being delisted from the Nasdaq Exchange after falling below $1 back in March last year. However, just since the start of the year, the company has run up 200% after being elevated by chatter on the reddit forum.
The post Cannabis Stocks Soar in Trading admits Bipartisan Congress Bill appeared first on Bullish.