A full-blown mania has descended into the market for Tilray (TLRY) , setting the cannabis stock ablaze.
It may end badly, but for nimble traders in Tilray the good times are likely to continue flowing as the hype on the company's prospects reach fever pitch levels. Tilray shares spiked as much as 90% on Wednesday's session following a bullish interview by CEO Brendan Kennedy on 'Mad Money', hosted by TheStreet's founder Jim Cramer.
The stock has exploded 890% since the company's well-received IPO in late July.
Clearly, investors have bought into Tilray's pitch hook, line and sinker. It's a compelling pitch no doubt about it.
"This industry [cannabis] is disrupting the pharmaceutical industry, cannabis is a threat to prescription based painkillers primarily opiods," explained Kennedy in an interview with TheStreet on the day of its July IPO. "It's definitely a threat to companies in the alcohol industry who see cannabis as a substitute -- it's also a threat to some of the functional food and beverage companies who don't look at THC as an ingredient but look at CBS as an ingredient in CBD water or CBD exercise or recovery drink."
Tilray is Real Money's 'Stock of the Day' today.
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