Tilray (TLRY.US) stock surged 50% today extending yesterday massive gains as cannabis sector has become a new area of interest of reddit traders. One post on WallStreetBets, which users were responsible for the recent rally in GameStop Corp (GME.US) and AMC Entertainment (AMC.US), regarding cannabis stocks was liked by around 10,000 other users in just twelve hours and Tilray shares soared 21%.
Yesterday Tilray stock jumped nearly 40 % after the company signed a deal with Grow Pharma to import and distribute its medical cannabis products to British patients. Prescriptions will need to be obtained through the country’s National Health Service or from a private-practice doctor. Tilray expects its cannabis products to be available in the UK by March. "Regulations are progressing as more and more countries across Europe are recognizing the benefits of medical cannabis and its potential to improve patients' quality of life," said Sascha Mielcarek, managing director of Tilray Europe.
Tilray (TLRY.US) stock surged this week, however buyers failed to break above the major resistance at $67.21 and price pulled back to the $51.40 handle that is the key support for now. As long as the price sits above it, the upward move looks to be more probable. Only breaking below this hurdle, may pave the way for a bigger downward correction towards $23.18. Source: xStation5
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