Shares of Tilray Inc. (TLRY) maintains their rally to increase about 50%, Zynerba Pharmaceuticals, Inc (ZYNE) grew 47.10% among other stocks that made the headlines. We have highlighted below some of the reasons for the price movements.
Tilray Inc. (TLRY)
Shares of several cannabis companies traded as high as 50.91%, potentially amid increased sector interest from retail investors on WallStreetBets. Positive catalysts for the cannabis space this week also included earnings from Canopy Growth and Tilray’s UK distribution contract. The stock had close the previous day’s trading at $42.35, opened Wednesday around $65 to close the session at $63.
Zynerba Pharmaceuticals, Inc (ZYNE)
Shares of ZYNE also benefitted hugely from the increased sector interest from retail investors on WallStreetBets on cannabis stocks. The stock grew more than 47%, it started trading at $6.58 to close the day at $8.76 reaching its 54-week high.
Medical device company TRXC shares traded within their normal range with a 37.99% increase. The price moved from its opening of $5 to close the day’s session at $6.32
Introducing: Penny Stock
Sundial Growers (SNDL)
Shares of SND soared 79% on Wednesday, as the rally in the highly traded cannabis stock’s price continued. The penny stock has grown over 333% in the last month. The company has raised capital, there is a sense of optimism about federal restrictions on cannabis that could be lifted soon.