Tilray's (TLRY - Get Report) 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.

The net loss included non-cash compensation charges of $5.6 million. Tilray didn't issue an adjusted per share figure.
Tilray is seen posting sales in 2018 of $41 million. Next year Wall Street projects $153 million in sales.
A nearly $10 billion market on that level of sales is rich, to be sure.

To be a profitable investor and build long-term wealth, you need the right information and techniques. Join TheStreet Oct. 13, 2018 for a special investing event for sophisticated and active traders. Register for "Invest Like the Pros: Jim Cramer's Boot Camp for Investors" here.

A good portion of the conference will be devoted to investing in cannabis. Cramer will talk exclusively with Canopy Growth (CGC - Get Report) CEO Bruce Linton and Bill Newlands, president and COO of cannabis/alcohol player Constellation Brands (STZ - Get Report) .