Recall last month, when users of Reddit’s popular WallStreetBets forum caused shares of GameStop Corp. (NYSE:GME) to spike by creating a massive short squeeze on the stock. The group also targeted AMC Entertainment Holdings Inc (NYSE:AMC).
This forced short sellers to buy more in order to forestall massive losses, sending the stock price on a meteoric rise.
Well, last week, their sights were set on cannabis.
Swaggy Stocks — a website that tracks ticker sentiment on WallStreetBets — noticed Sundial Growers Inc (NASDAQ:SNDL), Tilray Inc. (NASDAQ:TLRY) and Aphria Inc. (NASDAQ:APHA) went along for the ride:
- Sundial jumped 79% on Wednesday
- Tilray spiked 51%
- Aphria grew 11%.
This was short lived. By Thursday, Tilary fell 50%, Aphria dipped 36% and Sundial closed down 19%.
On Friday, Tilray shares closed down 9.83%, while Sundial closed down 12.61%. Aphria was up slightly by 0.36%.
Benzinga Cannabis content is now available in Spanish on El Planteo.
Other Cannabis Spikes
ETFs popped. Over the last five trading days:
- The ETFMG Alternative Harvest ETF (NYSE:MJ): gained 70.73%
- The AdvisorShares Pure Cannabis ETF (NYSE:YOLO): was up 59.18%
- The Cannabis ETF (NYSE:THCX): rose 84.6%
- The Amplify Seymour Cannabis ETF (NYSE:CNBS): advanced 99%
- The SPDR S&P 500 ETF Trust (NYSE:SPY) was up 5%.
Regulatory Updates
Cannabis reform legislation in Minnesota is poised to receive its first hearing in the House Commerce Finance and Policy…
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Recall last month, when users of Reddit’s popular WallStreetBets forum caused shares of GameStop Corp. (NYSE:GME) to spike by creating a massive short squeeze on the stock. The group also targeted AMC Entertainment Holdings Inc (NYSE:AMC).
This forced short sellers to buy more in order to forestall massive losses, sending the stock price on a meteoric rise.
Well, last week, their sights were set on cannabis.
Swaggy Stocks — a website that tracks ticker sentiment on WallStreetBets — noticed Sundial Growers Inc (NASDAQ:SNDL), Tilray Inc. (NASDAQ:TLRY) and Aphria Inc. (NASDAQ:APHA) went along for the ride:
- Sundial jumped 79% on Wednesday
- Tilray spiked 51%
- Aphria grew 11%.
This was short lived. By Thursday, Tilary fell 50%, Aphria dipped 36% and Sundial closed down 19%.
On Friday, Tilray shares closed down 9.83%, while Sundial closed down 12.61%. Aphria was up slightly by 0.36%.
Benzinga Cannabis content is now available in Spanish on El Planteo.
Other Cannabis Spikes
ETFs popped. Over the last five trading days:
- The ETFMG Alternative Harvest ETF (NYSE:MJ): gained 70.73%
- The AdvisorShares Pure Cannabis ETF (NYSE:YOLO): was up 59.18%
- The Cannabis ETF (NYSE:THCX): rose 84.6%
- The Amplify Seymour Cannabis ETF (NYSE:CNBS): advanced 99%
- The SPDR S&P 500 ETF Trust (NYSE:SPY) was up 5%.
Regulatory Updates
Cannabis reform legislation in Minnesota is poised to receive its first hearing in the House Commerce Finance and Policy…
