Less than a year ago, traders watched in dumbfounded amazement as bitcoin soared every day as momentum chasers were hooked. Now, it’s all about pot stock Tilray, which is up another 40% on Wednesday morning, soaring to $218 in premarket trading, its third straight day of relentless gains after CEO Brendan Kennedy pithced the company’s growth prospects in an interview with Jim Cramer on Tuesday.
And with its market cap north of $20 billion as of this morning, the company’s implied value is just over $83 million for each of its 243 employees. Incidentally, the company’s most recent revenue was $28 million, or some 714x less than its market cap.
Today’s spike follows a 29% surge on Tuesday after the company announced the DEA approved plans for it to import medical marijuana to supply a clinical trial in California; until this morning, the stock has gained 42% this week and a whopping 800% since its $17/share IPO in July according to Bloomberg.
Kennedy told Cramer that there’s a clear global growth opportunity for medical cannabis and he expects to see another country follow in Canada’s footsteps by legalizing marijuana in the next year. “That’s where the real opportunity is,” Kennedy said. “It’s not about Canada. It’s about all the countries that follow.”