Is the party over for Tilray shareholders? Stock falls 30.25 percent in a single day

Nanaimo-based Tilray had another strange ride on NASDAQ. The Canadian cannabis company saw its share price fall an astonishing 30.25

Brendan Kennedy Tilray Ceo

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Nanaimo-based Tilray had another strange ride on NASDAQ.

The Canadian cannabis company saw its share price fall an astonishing 30.25 percent on the day to close at US$123.

That’s down from a weekly high of US$300 for a B.C. weed firm that’s made pot stocks the talk of Wall Street.

In July, Tilray became the first Canadian cannabis company to launch an initial public offering on a U.S. stock exchange.

The share price was initially set at US$17, but it took off like a rocket, particularly this week.

FactSet says that even though there are 76.5 million Tilray shares, only 17.8 million are actually available for trading, according to a CNBC report.

Tilray is the most valuable publicly traded cannabis company in the world.

Its market capitalization is US$11.46 billion, which works out to $14.82 billion in Canadian currency.

That puts Tilray slightly ahead of second-place Canopy Growth Corp., which has a market capitalization of $14.73 billion.

Charlie Smith

I'm the editor of the Georgia Straight newspaper in Vancouver, as well as a CannCentral contributor.

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