Perhaps Tilray's (TLRY) stock is too smoking hot right now.
Shares of the pot stock have exploded 12% over the last two sessions on an apparent short squeeze. The company now has a market cap nearing $8 billion a mere two months since its widely watched IPO on the Nasdaq.
"Today is a big milestone in that shift in the mainstreaming of this industry," Tilray CEO Brendan Kennedy told TheStreet on the day of the IPO. It appears the market has really locked into that thesis on Tilray.
But traders may want to use the strength in the stock to consider the bear side, which rests mostly on valuation vs. financial results.
Tilray's second quarter sales surged 95.2% from the prior year to only $9.7 million. The company's loss per share came in at 17 cents, worse than estimates for a loss of 9 cents a share.
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