After a big climb Tuesday, the share price of Tilray Inc. continues to fly high in Wednesday trading.
The Nanaimo-based company announced Tuesday it was approved to export a cannabis product for use in clinical trials in the U.S.
Shares in the company gained 30 per cent when the market closed Tuesday on the New York Nasdaq.
After ending the day at US$154.98, Tilray stock ballooned again to top at one point US$238 in Nasdaq trading Wednesday.
Just a month ago, Tilray shares were trading at around US$35.
Pot stocks are soaring again with Tilray $TLRY surging 50% in single day
The stock has exploded 890% since the company's well-received IPO in late July. https://t.co/aL8v1D1zzG pic.twitter.com/N8NFss06mK
— Jerry Robinson (FollowtheMoney.com) (@FTMDaily) September 19, 2018
Tilray's market cap just passed Hershey. Yes, that Hershey…
Founded in 1894
$7.7 billion in sales
Reese's Peanut Butter Cups, Kit Kat, Mounds, Almond Joy, Mr. Goodbar, Hershey's Kisses, York Peppermint Pattie, Krackel, Twizzlers, etc.
Cannabis > Chocolate? pic.twitter.com/JNZ3iS915f
— Charlie Bilello (@charliebilello) September 19, 2018
The company and a researcher at the University of California San Diego where the clinical study is taking place believe this is the first time a Canadian licenced company has been approved to export a cannabis product to the U.S., where marijuana of any kind is illegal at the federal level.
Although many states have legalized cannabis for medical purposes.
Tilray is sending capsules with two active ingredients taken from cannabis plants to UC San Diego for researchers to study a potential treatment for adults with Essential Tremor, a neurological disorder that causes a person’s body to shake involuntarily.
In July, Tilray completed its initial public offering with shares at US$17.
With files from the Canadian Press.