Pot stocks are soaring again with Tilray surging 50% in single day

  • Tilray’s Brendan Kennedy told CNBC that pharmaceutical companies must start thinking about partnering with cannabis producers as a “hedge” against the space.
  • Tilray posted its second-best day since its IPO on Tuesday after announcing approval from the Drug Enforcement Administration to import pot to the U.S.

Canadian marijuana producer Tilray again posted double-digit gains and was poised for its best day ever Wednesday as comments from the company’s chief executive ushered shares even higher.

The stock added 50 percent Wednesday morning and has now tripled in value in September. As of 11:22 a.m. ET, Tilray trading volume hit 13.2 million shares, topping the stock’s 30-day full-day average of 9.6 million shares.

Wednesday’s move put the stock on track to…

top its best day ever back to its initial public offering on July 19.

Rivals Canopy Growth and GW Pharmaceuticals rose 5 percent and 6 percent, respectively.

CEO Brendan Kennedy told CNBC’s Jim Cramer on Tuesday that the world’s largest pharmaceutical companies must start thinking about partnering with cannabis producers as a “hedge” against the space

Continue reading at CNBC.com