Tilray Poised for Three-Day Losing Streak After Last Week’s Wild Ride
(Bloomberg) -- Tilray Inc., the cannabis company that saw a nearly 200-point swing last week, is off to a poor start this week, falling in pre-market trading and leading other cannabis stocks lower.
- Tilray slid 9.8 percent pre-market Monday, setting the Nanaimo, British Colombia-based company up for a third day of declines, which would be its longest losing streak since the stock began trading in July
- Shares ended last week higher by 13 percent to $123 each, only after taking investors on a ride that saw the stock reach as high as $300 per share and as low as $114
- Peers in the emerging cannabis sector also fell Monday, with U.S.-listed shares of Cronos Group down 3.6 percent and Canopy Growth Corp. lower by 2 percent
- New Age Beverages, which last week said it was exploring cannabis-infused drinks, also fell 6.8 percent; the stock was downgraded at Maxim Friday after gaining as much as 528 percent in the week
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