#CBC: « Nasdaq halts trading in Tilray after pot stock doubles in 2 days » #Toronto #Montreal #Calgary #Ottawa #Canada

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Shares in Canadian marijuana firm Tilray Inc. have been halted on the Nasdaq Wednesday after they doubled in two days.

Tilray shares soared at some point after the licensed producer stated it received approval from the U.S. Drug Enforcement Administration to export a hashish drug to California for a scientific trial.

The New York-based inventory alternate quickly halted all buying and selling within the firm after volatility triggered circuit breakers — automated guidelines that shut down buying and selling as soon as sure limits are reached. 

The Nanaimo, B.C., firm’s inventory opened at $211 US Wednesday, and earlier than being halted it flirted with the $300 degree. That was within the final hour of buying and selling, nevertheless, when circuit breakers shut down buying and selling 5 separate occasions. 

The inventory was extremely risky over the ultimate hour, at one level buying and selling at $152 — beneath the place it had began the day. But by the point markets closed at four p.m., the inventory closed at $214.

Wednesday’s risky buying and selling follows an almost 30 per cent soar on Tuesday after Tilray introduced it received the inexperienced gentle to export hashish in capsule type to a researcher at a college within the U.S., the place the drug continues to be unlawful on the federal degree.

Potential therapy for tremor

The firm will likely be exporting capsules with two energetic substances extracted from the hashish plant for a scientific trial as a possible therapy for important tremor, a neurological dysfunction that causes uncontrollable shaking.

Tilray is likely one of the few pot firms whose shares commerce within the U.S., not simply Canada. (Bebeto Matthews/Associated Press)

Tilray accomplished its preliminary public providing in July with its shares priced at $17 US per share.

The licensed producer was valued at nearly $20 billion US primarily based on Wednesday’s inventory motion. 

Canopy Growth, which had been the most important hashish firm primarily based on market worth till Tilray surpassed it, had a market capitalization on Wednesday afternoon of slightly below $11 billion on the New York Stock Exchange.

TSX-listed Canopy, primarily based in Smiths Falls, Ont., continues to be the largest marijuana firm on the earth by way of manufacturing and gross sales, however the hype round Tilray has pushed up its market capitalization, largely as a result of it is likely one of the few producers whose shares are listed within the United States — making it simpler for U.S. buyers to purchase.

With information from The Canadian Press

Note: « Previously Published on: 2018-09-19 17:11:10, as ‘Nasdaq halts buying and selling in Tilray after pot inventory doubles in 2 days’ on CBC RADIO-CANADA. Here is a supply hyperlink for the Article’s Image(s) and Content ».

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