Tilray's (TLRY) stock is out of control.
Shares of the pot stock exploded another 14% in trading Thursday as the company said it obtained regulatory approval to export bulk medical cannabis flower to Germany. The stock has gained about 296% in the past month. The company now has a market cap over $10 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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