By Shariq Khan and David Randall
(Reuters) – Interest from retail investors appeared to lift cannabis stocks broadly higher on Wednesday, signaling that the recent trading frenzy behind Reddit favorites such as GameStop (NYSE:) is shifting to other companies.
Shares of Tilray (NASDAQ:) jumped 40% in morning trading, while shares of Canopy Growth (NASDAQ:) Corp and Aurora Cannabis (NYSE:) Inc both rallied more than 12%. The ETFMG cannabis stocks exchange-traded fund, which has more than doubled in value since November’s U.S. presidential elections, gained nearly 10%, while the broad edged just 0.2% higher before turning lower.
The moves came as posts touting cannabis stocks as the next GameStop spread throughout the popular WallStreetBets forum on Reddit, linking it with the short squeeze that pushed shares of the video game retailer up more than 1,650% in January.
“I missed the Gamestop boat, but I don’t think we’re gunna miss this one,” one user wrote https://www.reddit.com/r/wallstreetbets/comments/lgrc39/daily_discussion_thread_for_february_10_2021.
The forum has become a must-watch for traders at financial institutions since concerted action by some of its 8 million participants proved enough to…
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By Shariq Khan and David Randall
(Reuters) – Interest from retail investors appeared to lift cannabis stocks broadly higher on Wednesday, signaling that the recent trading frenzy behind Reddit favorites such as GameStop (NYSE:) is shifting to other companies.
Shares of Tilray (NASDAQ:) jumped 40% in morning trading, while shares of Canopy Growth (NASDAQ:) Corp and Aurora Cannabis (NYSE:) Inc both rallied more than 12%. The ETFMG cannabis stocks exchange-traded fund, which has more than doubled in value since November’s U.S. presidential elections, gained nearly 10%, while the broad edged just 0.2% higher before turning lower.
The moves came as posts touting cannabis stocks as the next GameStop spread throughout the popular WallStreetBets forum on Reddit, linking it with the short squeeze that pushed shares of the video game retailer up more than 1,650% in January.
“I missed the Gamestop boat, but I don’t think we’re gunna miss this one,” one user wrote https://www.reddit.com/r/wallstreetbets/comments/lgrc39/daily_discussion_thread_for_february_10_2021.
The forum has become a must-watch for traders at financial institutions since concerted action by some of its 8 million participants proved enough to…
