Tilray Inc. (Nasdaq: TLRY) was the first cannabis company to go public on a major U.S. exchange.
But even though that happened only two months ago, it’s old news.
It’s Stone Age news.
Over the past five days, this stock is up 92%. Over the past month, it’s up 496%.
The company went public July 19, at the price of $22 per share. It closed yesterday at $214.06. That means Tilray has skyrocketed 873% since its IPO.
Speaking of yesterday, it was a wild ride. Though the stock finished the day up 38%, it approached triple-digit gains for the day at one point – and then fell sharply. Along the way, trading got halted five times due to volatility.
This most recent bout of big gains started early this week after the British Columbia-based company got the go-ahead from the U.S. Drug Enforcement Agency (DEA) to ship marijuana to the United States for a clinical trial. Right after the news broke, Tilray’s shares surged 12% overnight. By the end of the day, they had risen 30% in 24 hours.
As I write this, Tilray’s market cap is $19.94 billion. This can no longer be described as a “tiny cannabis company” – and neither can many of its Canadian competitors.
This is a first. And a big one.
Marijuana remains illegal at the federal level, and so the feds have had a historically stingy attitude toward marijuana – and they make no exceptions for research projects.
Until now, only the National Institute on Drug Abuse (NIDA) could provide dried-flower cannabis for such investigations. Dried flower can only be smoked or vaporized, meaning there was no way to control the dosage, and there was no way to measure the health implications of smoking the plant vs. simply consuming it.
But now DEA is allowing Tilray to export encapsulated medical marijuana, with precise doses and formulations, to the University of California, San Diego for clinical trials.
In other words, Tilray has busted through a door to U.S. medical research that was previously closed, locked, and barricaded. So you should expect to see more opportunities from cannabis companies at the forefront of medical research cropping up.
And where there are opportunities, there’s a straight path to profits.
That said, the opening of these floodgates isn’t the only pot stock catalyst out there.
Far from it.
A lot of people have overlooked a critical piece of new legislation that’s about to trigger a massive wave of billions of institutional money flowing into tiny cannabis companies (there are still some out there).
But once that legislation goes live, stocks now trading for a few bucks now could easily explode 5- or even 10-fold.
Now, I just sat down with my boss – Executive Publisher Mike Ward – for an exclusive executive briefing on what we’re calling The New Marijuana Millionaires Law.
We talked about how billions of dollars are about to flow into the markets when this new marijuana legislation goes live Oct. 17. More importantly, we started to talk about how my readers can position themselves to secure up to $2 million from this historic event.