I’m not sure what to say about this chart other than “holy crap”:
With a market capitalization now of $21 billion, Tilray is worth more than (insert the names of any companies that actually have real businesses with real profits here).
Short borrow rates are 500%:
Put options at a strike of $100/share, expiring in November, trade for around $25/share.
The only reason why anybody with two brain cells left with a bid on this one are the auto-indexers and the people that are receiving a margin call of the century going short against this one.
Readers should not be surprised to know the purported business of this company is cannabis production. Their only quarterly report to date (as you can see by the stock chart above, they have not been public for very long) is here (Link to 10-Q).
I have not seen this insanity since the dot-com era of 2000. Be careful. It ends badly.
Also notable is Australis Capital (AUSA), a spinoff of Aurora Cannabis that started trading today. AUSA has been set up as an investment company to deploy capital in the US cannabis industry. It was seeded with $0.14 per share in cash. I put a bid in before the market opened at $0.07 for a few shares. Stock traded at a high of $16 this morning. More than 100x the cash in the company! This is like buying a penny for a dollar. We really are in dot.com days again.
My condolences on your bid missing by over $6…
I didn’t expect it would open at 200x my bid. I guess I’m not cut out to be a cannabis investor after all. lol
Perhaps you need to smoke what some of the people buying these shares are…
It’s definitely not weed that these investors are smoking! It’s probably something a little more uh… stimulating.
It would be interesting to know the average age of these cannabis yahoos. I suspect they were too young to remember the dot.com mania. It took 18 years, but here we go again…
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