Tilray Inc. (TLRY) shares just bounced up from $175 to $300, adding as much as 94% to its previous share value!
You’d think that an incredible profit like this would require weeks, maybe even months of growth, to reach the price it did, but this climb took place within a single day of trading… but how?
I’ll explain and show you how to harness similar increases that could potentially be at stake for Tilray and other public companies on the market.
There’s always an explanation for the trajectory of stocks. So, what’s the secret behind Tilray nearly doubling in price and how did the events leading up to it slip by unnoticed?
The summarized answer is that the U.S. DEA just approved plans for the company to import medical marijuana to supply a clinical trial in California. Considering Tilray is in the business of distributing and growing cannabis, this increase in demand for such products caused its stock to significantly shoot upwards.
Let me remind you that Tilray didn’t even set up shop along Wall Street until July of this year! Since then, shares have consistently increased, causing its price to grow more than 1,500%!
That’s a MASSIVE return to take home in itself, but doing so in 2 months is unheard of. To say the least, Tilray has managed to start things off on the right foot.
Just to give you an idea of the magnitude of this increase, Tilray Inc. now has a valuation that exceeds 25 million, making it larger than well-known corporations, such as American Airlines (AAL) and Clorox (CLX).
This gain isn’t only benefiting Tilray though. Related stocks also received a boost, signaling that future profits are underway. For example, New Age Beverages (NBEV), which has plans to produce drinks infused with marijuana biproducts, followed Tilray’s lead and jumped up 18%.
It’s not a surprise that experts are now forecasting a global growth opportunity for the market of medical cannabis as a whole.
Either way, keep your eyes peeled as new coming companies merge into the market and give the rising demand for cannabis a shot. Also, it’s fair to say that there may be upcoming profits in store for existing companies who have some sort of association with the industry.
Look for steady uptrends in the market and remember to stay alert so that you can grab ahold of the next 94% profit once it comes around!
