Tilray shares continue to climb higher on second day after export approval

File Canada is set to legalise cannabis after both houses of Parliament voted to make the drug available for recreational use

Tilray shares have gained more than 800% through Tuesday since their initial public offering in mid July.

Tilray shares shot up over US$230 just after the trading day began on Wednesday, but quickly backed off.

As for Coronos, Citron said the cannabis producer "appears to have been deceiving the investing public by purposely not disclosing the size of its distribution agreements with provinces - unlike every other major cannabis player". Founders Fund has also backed Airbnb, Lyft, Space Exploration Technologies Corp. and Palantir Technologies Inc.

Investors are craving marijuana stocks as Canada prepares to legalize pot next month, leading to giant gains for Canada-based companies listed on US exchanges. That was in the last hour of trading, however, when circuit breakers shut down trading five separate times. "It's fun to watch", Michael Antonelli, an institutional equity sales trader and managing director at Robert W. Baird & Co., said by phone. The serendipitous growth of these cannabis stocks may force large pharmaceutical companies to partner with these companies to effectively hedge against the marijuana medicine industry invading their market share, according to Tilray CEO Brendan Kennedy. The significant gains pushed the British Columbia-based company's valuation up significantly, adding about $3 billion and bringing the overall value to more than $14 billion.

Tilray jumped another 38 per cent to US$214 at 10:25 a.m.in New York Wednesday, giving it a value higher than American Airlines Group Inc.

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Tilray shares are up 41.55% ahead of Wednesday's opening bell. Kennedy and Blue are both graduates of Yale School of Management's MBA program, while Kennedy and Groh worked together at SVB Analytics, a non-bank affiliate of Silicon Valley bank.

Tilray cultivates, processes and distributes cannabis extracts and dried flower products to patients, doctors and medical researchers around the world, including Britain. "That's our global goal", Kennedy said in an interview this week from NY.

Tilray has agreements to sell pot in Canadian pharmacies including Shoppers Drug Mart and is investing in production capacity in Portugal so it can supply the European Union from within Europe, Kennedy said in an interview. "That's our global goal", Kennedy said in the interview this week. Nahab's team had selected the Canadian company from a shortlist of four.

Kennedy said he's not interested in getting taken over by a large consumer company. It is worth more than Molson Coors, Macy's, Tiffany and casino giants MGM and Wynn. "I had a couple emails from our consultants saying, 'This person wants to buy Tilray, what should I tell them?' I said buy it now and your money is going to go up in smoke".

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