Tilray Inc. becomes the “most valuable publicly traded pot company on the planet” following news it had been approved as the first company to export legal cannabis into the US. Their surging share price brings their market cap to over $20B.
Bill Griffin, 20 September, 2018
Tilray will become the first cannabis company to export legal cannabis to the US. The cannabis will be used for a clinical trial to treat essential tremor at the University of California at San Diego. Before this news, shares had already hit a high of $127. Shares were worth $214 as markets closed yesterday – over double last week’s price. They hit a high of $300.
Tilray stock has risen dramatically since the company went public in July at $17 a share.
The price gains give the company a market cap of $20.28 billion. Currently they have the 87th biggest market cap on Nasdaq. Making them more valuable than Expedia, American Airlines and Western Digital and over 3300 other companies listed.
Financial press is buzzing on the highs cannabis has brought to the markets
The New York Times reports:
“The company went public in July at $17 a share and has soared nearly 1,160 percent to close Wednesday at $214.06. Tilray is now valued at $20 billion, making it roughly the same size as American Airlines, CBS and Hershey.”
Brendan Kennedy appeared on CNBC’s “Mad Money” on Tuesday evening. Kennedy told show host Jim Cramer that the legalization of cannabis in Canada was just the tip of the iceberg.
“I think you’ll see the third country within 12 months of October, and that’s where the real opportunity is,” he said. “It’s not about Canada — it’s about all the countries that follow.”
Bloomberg describes Tilray as “the most valuable publicly traded pot company on the planet”.
Peter Thiel makes $billions from investing in cannabis
Bloomberg reported on the windfall that – Peter Thiel backed – Seattle based investment fund Privateer Holdings Inc. has made on its 76% stake in Tilray. Their share in the company is now worth $17.3 billion versus their initial $1.3 billion investment.
Kennedy told Bloomberg in an interview this week, “Our long-term vision is if a patient walks into any pharmacy in any country in the world that has legalized cannabis that patient should be able to obtain a Tilray product. That’s our global goal.”
It seems Kennedy is not interested in being bought out by a large consumer company. “I don’t want to get bought by AB-InBev or Diageo, I want to be that company,” he added.
Shares in other cannabis companies also posted good results; with Tilray rivals Aurora and Canopy Growth both up.
Cannabis Capital Convention
The Cannabis Capital Convention is inviting key players from the cannabis industry to their conference which takes place on 26 September in Amsterdam.
The Cannabis Capital Convention is committed to growth in the cannabis market. Big names from the cannabis industry will meet to inform professional and private investors on the latest developments.
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