Shares of Tilray (NASDAQ:TLRY) were up more than 20% in pre-market trading on Tuesday after the company inked a deal with Grow Pharma to import and distribute Tilray’s medical cannabis products into the United Kingdom beginning next month. The TLRY stock news is also lifting other cannabis stocks.
Source: Shutterstock
The company said it expects to have a range of GMP-certified, medical cannabis products available by prescriptions through private practice or the U.K. National Health Service (NHS).
Tilray’s gains also lifted the shares of its pending merger partner, Aphria (NASDAQ:APHA). In December the two firms announced a Canadian cannabis tie-up that would create the biggest marijuana company by revenue.
TLRY Stock Could Be Squeezed By Shorts
Despite the good news for Tilray, there’s a short interest cloud moving in. As the TLRY stock price has surged more than 250% year-to-date, short interest has increased to 51%.
Not to be left out in today’s cannabis stock rally, shares of Canopy Growth (NASDAQ:CGC) were also up in the pre-market after it said it expects to be profitable within a year. That update came as CGC reported a larger-than-expected loss for its fiscal third quarter.
Sector peers Sundial Growers (NASDAQ:SNDL), Aurora Cannabis (NYSE:ACB) and Cronos Group (NASDAQ:CRON) were also up, 7.03%, 4.44% and 2%, respectively.
Cannabis stocks are…
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Shares of Tilray (NASDAQ:TLRY) were up more than 20% in pre-market trading on Tuesday after the company inked a deal with Grow Pharma to import and distribute Tilray’s medical cannabis products into the United Kingdom beginning next month. The TLRY stock news is also lifting other cannabis stocks.
Source: Shutterstock
The company said it expects to have a range of GMP-certified, medical cannabis products available by prescriptions through private practice or the U.K. National Health Service (NHS).
Tilray’s gains also lifted the shares of its pending merger partner, Aphria (NASDAQ:APHA). In December the two firms announced a Canadian cannabis tie-up that would create the biggest marijuana company by revenue.
TLRY Stock Could Be Squeezed By Shorts
Despite the good news for Tilray, there’s a short interest cloud moving in. As the TLRY stock price has surged more than 250% year-to-date, short interest has increased to 51%.
Not to be left out in today’s cannabis stock rally, shares of Canopy Growth (NASDAQ:CGC) were also up in the pre-market after it said it expects to be profitable within a year. That update came as CGC reported a larger-than-expected loss for its fiscal third quarter.
Sector peers Sundial Growers (NASDAQ:SNDL), Aurora Cannabis (NYSE:ACB) and Cronos Group (NASDAQ:CRON) were also up, 7.03%, 4.44% and 2%, respectively.
Cannabis stocks are…
