Group of Cannabis Stocks are the Latest to See Reddit-Generated Surges | TRICHOMES Morning Buzz
Group of Cannabis Stocks are the Latest to See Reddit-Generated Surges | TRICHOMES Morning Buzz
Cannabis News Update February 12, 2021
Today in the world of cannabis: The Senate Finance Committee Chairman says that GOP senators have to “reconcile” their personal views on cannabis with that of the voters, Tilray agrees to a deal to begin offering medical cannabis products in the U.K., and a group of cannabis stocks are the latest to see Reddit-generated surges.
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** First up: In a report by Marijuana Moment, U.S. Senate Finance Committee Chairman Ron Wyden (D-OR) said in an interview with Yahoo Finance that his Republican colleagues are finding themselves in between their personal views and those of their constituents when it comes to cannabis policy reform.
Most U.S. states have implemented a form of medical or recreational cannabis policy, including states with majority liberal, moderate and conversative voters alike. While the Democrat-majority Congress has made cannabis legalization a staple of their political agenda, Sen. Wyden said that GOP senators are struggling to match their individual opinion’s with that of the public.
“My Republican colleagues are trying to reconcile some of the views that they’ve long had, which is ‘oh, we don’t think we can we can support these efforts,’ with the fact that their voters are way out in front of them,” Wyden said. “Their voters are saying, ‘look, we’re voting for this. Come around, it’s time to change.’”
** And next: The Motley Fool reports that the Canadian cannabis producer Tilray has agreed to a deal to begin offering medical cannabis products throughout the U.K. as early as next month. Financial specifics of the deal were not made available.
“As demand continues to ramp up in the UK, Tilray is well-positioned to be a leading supplier of medical cannabis products,” said the managing director of Tilray Europe, Sascha Mielcarek.
“Regulations are progressing as more and more countries across Europe are recognizing the benefits of medical cannabis and its potential to improve patients’ quality of life,” he added.
https://www.fool.com/investing/2021/02/09/tilray-strikes-deal-to-export-medical-marijuana-to/
** Last up: In a report by CNBC, a group of cannabis stocks are the latest to see a massive surge after attracting attention from members of Reddit’s WallStreetBets. The same group was responsible for the short squeeze seen with companies like GameStop and AMC last month.
Stocks of Canopy Growth, Aphria and Aurora Cannabis saw jumps on Wednesday. Tilray saw the highest level of growth, surging 50% and lifting the stock’s YTD (year-to-date) gain to well over 600%.
“$TLRY $APHA calls since 1/5/2021 got me to over $500k today. Still think it has much upside,” said a Reddit post.
“Weed about to make me a millionaire in 2021,” said another.
Buzz around Tilray’s stock popped off in part due to the pending merger with Aphria.
“We believe the rally in Canadian names is mostly driven by retail investors, maybe fueled by Robinhood and Reddit, that’s really piling into the Canadian cannabis names in particular,” Pablo Zuanic, analyst at Cantor Fitzgerald told CNBC. “I’m not going to say it’s a GameStop type of case but the Canadian rally is not entirely based on fundamentals. But when we talk to clients we tell them careful trying to short these Canadian names because you know what happened with GameStop on the way up.”
https://www.cnbc.com/2021/02/10/cannabis-stocks-soar-as-reddit-crowd-that-spiked-gamestop-jumps-in-tilray-surges-25percent.html
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GPFT. #BEFOR MONDAY