Weed Stocks Fluctuate Dramatically After Redditors Set Eyes on Cannabis CompaniesPosted by On


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It seems that after a hard fight for GameStop stocks and the RobinHood scandal, investors from Reddit have decided to bet on something far more relaxing.

American cannabis companies experienced a major surge and then a dramatic drop over the week when Reddit investors shifted their focus to the market. According to CNBC, users on the site were discussing the pending merger between Tilray and Aphria – two Canadian companies involved in the production of medicinal cannabis – as well as the possible decriminalisation of marijuana under Biden’s administration.

As a result, Tilray shares spiked drastically, gaining around 51 percent, and Aurora Cannabis – a licensed cannabis producer, also Canadian – saw a 20 percent rise. However, on Thursday, the pot dropped significantly: shares of Tilray fell 49.7 percent, Aphria lost around 36 percent and Aurora Cannabis fell some 23.5 percent. Canopy Growth shares declined by 22 percent.


©
AP Photo / Hans Pennink

This Aug. 22, 2019 photo shows medical marijuana plants being grown before flowering during a media tour of the Curaleaf medical cannabis cultivation and processing facility in Ravena, N.Y.

Previously, the forum made headlines in the business press when the multiple users on r/wallstreetbets – Reddit urged people to buy and hold…

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Business

Get short URL

It seems that after a hard fight for GameStop stocks and the RobinHood scandal, investors from Reddit have decided to bet on something far more relaxing.

American cannabis companies experienced a major surge and then a dramatic drop over the week when Reddit investors shifted their focus to the market. According to CNBC, users on the site were discussing the pending merger between Tilray and Aphria – two Canadian companies involved in the production of medicinal cannabis – as well as the possible decriminalisation of marijuana under Biden’s administration.

As a result, Tilray shares spiked drastically, gaining around 51 percent, and Aurora Cannabis – a licensed cannabis producer, also Canadian – saw a 20 percent rise. However, on Thursday, the pot dropped significantly: shares of Tilray fell 49.7 percent, Aphria lost around 36 percent and Aurora Cannabis fell some 23.5 percent. Canopy Growth shares declined by 22 percent.


©
AP Photo / Hans Pennink

This Aug. 22, 2019 photo shows medical marijuana plants being grown before flowering during a media tour of the Curaleaf medical cannabis cultivation and processing facility in Ravena, N.Y.

Previously, the forum made headlines in the business press when the multiple users on r/wallstreetbets – Reddit urged people to buy and hold…



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