(Photo creative commons maxpixel.net)

Tilray Inc sees $10-billion in market cap go up in smoke

Tilray’s share price closed at $123 US on Friday, a decline from its intraday peak of nearly $300 US earlier in the week

What a bummer, man.

Nanaimo cannabis producer Tilray Inc. saw $10 billion US in market cap go up in smoke this week in one of the wildest stock market rides ever.

Tilray’s share price closed at $123 US on Friday, a decline of 30 per cent on the day, and a fall of nearly 59 per cent from its intraday peak of nearly $300 US earlier in the week.

Despite the massive decline, Tilray — one of three Canadian cannabis companies with a U.S. stock listing — is still valued at nearly $11.46 billion US. Its market cap on Wednesday reached $20.28 billion US, making it the largest cannabis company in the world. By Thursday morning, its market cap gained nearly $1 billion more, registering at an incredible $21.24 billion.

READ MORE: Tilray Inc. briefly the world’s largest cannabis company

The surge in value was propelled in part by an announcement on Tuesday that Tilray had received approval to export a medical cannabis product to the U.S. for use in a clinical trial.

The high means that the Nanaimo firm is now the largest cannabis company in the world

Tilray and a researcher at the University of California San Diego believe this is the first export of a cannabis product from a Canadian company to the U.S., where marijuana is still illegal at the federal level.

READ MORE: Tilray to export cannabis formulation to U.S. for clinical trial

Tiray will be exporting capsules containing a formulation with two active ingredients extracted from the cannabis plant for a clinical trial examining the drug as a potential treatment for adults with essential tremor, a neurological disorder.

The formulation will contain cannabidiol and tetrahydrocannabinol, better known as CBD and THC, and will be used in a trial scheduled to begin in early 2019.

UC San Diego’s Dr. Fatta Nahab said he believes this product has not been imported from Canada into the U.S. before.

While several states have legalized cannabis for medical or recreational use, marijuana remains illegal under U.S. federal law.

Tilray trades as TLRY on the Nasdaq.

— With files from the Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Benches made from wood that posed a fire risk in Lake Country

The parks team is making benches from the trees removed from the Jack Seaton Park

Rutland pride spills over

Reaction to a story this weekend was clear and worth a second read

Family Day move a welcome change: poll

Okanagan readers voted that the new date for Family Day in B.C. is a positive change

Huge crack and bang heard as Wood Lake fractures

‘It was roaring across the lake,’ Lake Country woman recounts sound of crack in Wood Lake ice

Former Prime Minister comes to Kelowna

Stephen Harper will speak in Kelowna March 12

‘Just like Iron Man’: Calgary surgeon undergoes experimental spinal surgery

Dr. Richi Gill was in a freak accident on a boogie board during a family vacation in Hawaii

Deported B.C. man who came to Canada as a baby granted chance at return

Lee Van Heest was deported to the Netherlands in 2017

A Mother’s Wish: Ryan Shtuka’s mother wants her son to be ‘forever known’

‍‍‍‍‍“Let me tell you a story …. it all began with a boy named Ryan”

Sex abuse survivors to meet with Vatican summit organizers

Pope Francis has urged participants to meet with abuse victims before they came to Rome

Ex-FBI official: ‘Crime may have been committed’ by Trump

Andrew McCabe said FBI had good reason to open a counterintelligence investigation into whether Trump was in league with Russia

Okanagan College professor awarded for promoting financial literacy

Leigh Sindlinger received a Distinguished Service Award for inspiring financial literacy in youth

Poll: What do you think of Family Day weekend’s move?

Until this year, Family Day has fallen on the second Monday in February

Most Read