Is Weed the NEW Bitcoin? Medical Marijuana Company Earned and Lost on Weed in a Single Day

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Tilray’s shares (medical marijuana company) fell more than 900% back in summer and rose 94% before crashing back down in a single day. Sounds like Bitcoin, huh? 

Read the details on Nexter.org.

tilray-weed-bitcoin-pic

Source: AP

Wild ups and downs!

Medical marijuana company Tilray doubled its shares before losing almost everything in a very short time. After the crash-down, the company’s shares ended up only 40% higher than where it started.

Following Amazon’s $7.6 billion worth of shares, Tilray shares ($6.5 billion) vanishing into thin air resembles a typical dot-com bubble.

“It’s almost like everyone wanted to express their fear and greed through one entity,” Michael Antonelli, an institutional equity sales trader told Bloomberg. “It’s fun to watch. It’s the wild west right now for cannabis. It isn’t the kind of thing that institutions would touch.”

tilray-weed-bitcoin-pic

Source: Bloomberg

“The behavior is very reminiscent of the internet bubble,” said Michael O’Rourke told Bloomberg. “A nascent industry, a company with what is viewed as first mover advantage, a small float and some media hype is a dangerous recipe for investors.”

Don Selkin, chief market strategist at Newbridge Securities Corp. compared the situation with Tesla shares crash-down.

“We saw Tesla making some crazy moves a little over a month ago. That was peanuts compared with Tilray,” he told Bloomberg. “ It has nothing to do with the long-term outlook on the industry. It’s a purely technical move.”


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Is Weed the NEW Bitcoin? Medical Marijuana Company Earned and Lost on Weed in a Single Day
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Is Weed the NEW Bitcoin? Medical Marijuana Company Earned and Lost on Weed in a Single Day
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Tilray's shares (medical marijuana company) fell more than 900% back in summer and rose 94% before crashing back down in a single day. Sounds like Bitcoin, huh? 
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