Somewhere in both British Columbia and New York, the management team of Tilray, Inc. is celebrating—and why not? They have a lot to be proud of. Yesterday, we watched the Tilray Nasdaq debut play out, and today, the Tilray hype continues.
Tilray is a few hours into its second day of trading on a major US exchange, and the stock is up more than 30%. Is there a new cannabis star emerging?
Tilray Nasdaq Debut: Stock Still Surging 24 Hours Later
The time is now 1:21 p.m. EDT, and Tilray can be seen moving up and down a few cents every second or so.
Currently, Tilray is trading at $29.30, which puts the stock up $7.42, or 33.09%. There's a strong chance it will be trading at around $30 by the time the closing bell rings.
Today's stock activity is significant for two reasons:
1) The TLRY stock is trading higher than yesterday, the day of the Tilray Nasdaq debut. Shares closed at $22.39 on Thursday.
2) It's the second day of trading. So this means one of two things could happen: either the hype will fade, or the opposite will happen, marking the start of a long road of success for Tilray and its shareholders.
Learn About the Tilray Nasdaq IPO
In case you missed it, here's why this is such a big deal:
Tilray (NASDAQ:TLRY) is now the first cannabis company to complete an IPO on a US stock exchange. The TLRY stock is now trading alongside the likes of Cara Therapeutics (NASDAQ:CARA) and GW Pharmaceuticals Plc (NASDAQ:GWPH).
To top it off, the IPO's price was $17 per share. Yet the stock opened yesterday at $23.05, reached an intra-day high of $23.94, and one day later is trading at $29.
Learn About the Company
Tilray is based in Nanaimo, a city and ferry port in British Columbia, Canada. It is a private equity-backed company.
The Tilray Takeaway
How do you feel about the Tilray Nasdaq debut? Are you thinking about adding the Tilray stock to your watchlist?
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Featured Image: Twitter
