It’s high times for soaring marijuana stocks on Wall Street

File Canada is set to legalise cannabis after both houses of Parliament voted to make the drug available for recreational use

File Canada is set to legalise cannabis after both houses of Parliament voted to make the drug available for recreational use

Shares remained volatile Thursday, alternating between double-digit gains and sizable losses.

Tilray Inc., the company who received the approval, already has worldwide cannabis shipping experience. That came after reports Coke was in talks with Aurora Cannabis about drinks containing cannabidiol, or CBD, a marijuana component that isn't psychoactive. The boost pushed it above fellow Canadian marijuana company Canopy Growth Corp, meaning that Tilray is now the world's most valuable cannabis company.

Although many states have legalized cannabis for medical purposes. Nahab's team had selected the Canadian company from a shortlist of four.

"It's quite significant", Dr. Catherine Jacobson, Tilray's director of clinical research told the Canadian newspaper.

Brendan Kennedy, Tilray's CEO, said he is aiming for a $100 billion market valuation for the company and that instead of aiming to be taken over by a bigger company in the future, he aims for Tilray to be the one buying other entities along the way. Messrs Kennedy and Blue are graduates of Yale School of Management's MBA program. The research was partially funded by Tilray as well as the International Essential Tremor Foundation.

The massive surge in pot stock Tilray Inc. has delivered a multi-billion dollar windfall for a little-known private equity fund backed by investor Peter Thiel.

The company produces medical cannabis in Canada and Europe and has supplied products to tens of thousands of patients in 10 countries spanning five continents through its subsidiaries in Australia, Canada, Germany and through agreements with pharmaceutical distributors, according to company documents.

Tilray has agreements to sell pot in Canadian pharmacies including Shoppers Drug Mart and is investing in production capacity in Portugal so it can supply the European Union from within Europe, Kennedy said in an interview.

Earlier this week, Tilray received approval from the Drug Enforcement Administration to import cannabis into the USA for medical research, the first Canadian company to do so. Tilray had just $20 million in revenue previous year, but with a market valuation of about $16 billion, it's now more valuable than Tiffany. The company also has its High Park brand for the recreational market in Canada, which has secured supply agreements with seven provinces and territories, Kennedy said. In the U.S., Aurora shares also trade on the over-the-counter market, which is typically illiquid.

For instance, on Tuesday, Tilray shares surged 28.95% on word the company is set to be the first to export legal weed to the U.S. for use in a clinical trial at the University of California at San Diego. The limited float makes it more expensive to short Tilray's stock (TLRY).

Battley told the Post that a USA listing would broaden access of its stock to institutional investors who aren't allowed to trade OTC-listed stocks.

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