(Photo creative commons maxpixel.net)

Tilray Inc sees $10-billion in market cap go up in smoke

Tilray’s share price closed at $123 US on Friday, a decline from its intraday peak of nearly $300 US earlier in the week

What a bummer, man.

Nanaimo cannabis producer Tilray Inc. saw $10 billion US in market cap go up in smoke this week in one of the wildest stock market rides ever.

Tilray’s share price closed at $123 US on Friday, a decline of 30 per cent on the day, and a fall of nearly 59 per cent from its intraday peak of nearly $300 US earlier in the week.

Despite the massive decline, Tilray — one of three Canadian cannabis companies with a U.S. stock listing — is still valued at nearly $11.46 billion US. Its market cap on Wednesday reached $20.28 billion US, making it the largest cannabis company in the world. By Thursday morning, its market cap gained nearly $1 billion more, registering at an incredible $21.24 billion.

READ MORE: Tilray Inc. briefly the world’s largest cannabis company

The surge in value was propelled in part by an announcement on Tuesday that Tilray had received approval to export a medical cannabis product to the U.S. for use in a clinical trial.

The high means that the Nanaimo firm is now the largest cannabis company in the world

Tilray and a researcher at the University of California San Diego believe this is the first export of a cannabis product from a Canadian company to the U.S., where marijuana is still illegal at the federal level.

READ MORE: Tilray to export cannabis formulation to U.S. for clinical trial

Tiray will be exporting capsules containing a formulation with two active ingredients extracted from the cannabis plant for a clinical trial examining the drug as a potential treatment for adults with essential tremor, a neurological disorder.

The formulation will contain cannabidiol and tetrahydrocannabinol, better known as CBD and THC, and will be used in a trial scheduled to begin in early 2019.

UC San Diego’s Dr. Fatta Nahab said he believes this product has not been imported from Canada into the U.S. before.

While several states have legalized cannabis for medical or recreational use, marijuana remains illegal under U.S. federal law.

Tilray trades as TLRY on the Nasdaq.

— With files from the Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Stan Chong, brother to legendary comedian Tommy, dies at age 82

Parksville resident loved family, scuba diving and umpiring

Timberlands offers to renew trail licence to RDN

The Regional District of Nanaimo operates approximately 15 kilometres of the Trans… Continue reading

10 things still illegal in the new age of recreational cannabis

Pot is legal – but there are still a lot of rules, and breaking some could leave you in jail

Mellow opening to B.C.’s only legal pot shop

About five people lined up early for the opening of the BC Cannabis Store in Kamloops.

BC Ferries begins taking debit in two-month pilot project

Company is giving customers option to use Interac on two-month trial on select vessels

Puff, puff, pass: Cannabis is officially legal across Canada

B.C. has only one bricks-and-mortar marijuana store

After 50 years, ‘Sesame Street’ Big Bird puppeteer retiring

The puppeteer who has played Big Bird on “Sesame Street” is retiring after nearly 50 years on the show.

Britain, EU decide to take some time in getting Brexit right

Brexit negotiator Michel Barnier said “we need much time, much more time and we continue to work in the next weeks.”

Parole denied for convicted killer-rapist Paul Bernardo after 25 years in prison

Paul Bernardo plead for release on Wednesday by arguing he has done what he could to improve himself during his 25 years in prison.

Man holds newborn son for first time after devastating B.C. racetrack crash

Kayden was born the day after Jonathan was crushed by car at speedway

Smooth start to legal cannabis in B.C., Mike Farnworth says

Online and government store makes 4,000 sales by noon

Conservation officers investigate four elk shot and abandoned on Vancouver Island

Leaving harvestable game meat in the field is a punishable offence

Most Read