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.