Weed stocks have rallied sharply on Wednesday. Some names benefiting from this trend are
- Sundial (SNDL) rose +$1.3000 (+78.79%)
- Tilray (TLRY) rose+21.56 (+50.91%)
- Alpha (APHA) rose+$2.55 (+10.74%)
- Aurora Cannabis (ACB) rose +3.31 (+21.20%)
These names continue to trend after hours. For example here is Sundial after hours:
Lots media outlets like the Motley Fool, Business Insider, MarketWatch have picked up this trend and are reporting on it.
Many articles attribute this rise or “pump” to Reddit, specifically /r/wallstreetbets. They have changed their focus from Gamestop to Weed. If scroll into the sub you will see large gains, rocket emojis and memes related to Weed.
Here are some examples:
- +1100% on TLRY calls. I used to be retarded but now I’m retarded and able to pay off my car loan
- TLRY gain porn: 1.18k to 25.3k (2100% ROI) sold all at open
These are definitely large gains and posts like these will again reach users across Reddit and can undeniably get more and more people talking about this Weed trend.
Although it is easy to get caught up with the hype, Weed stocks did crash in April/June 2019 for several reasons that are worth looking into. Perhaps those factors have changed since then.
I look forward to seeing whether these weed equities can sustain and stay at these prices in the long run. Either way, I am glad we are seeing new headlines other than GameStop in market news.