Either investors really liked what Tilray Inc.  (TLRY) CEO Brendan Kennedy had to say to Jim Cramer Tuesday night on "Mad Money" or the company's stock is a bubble waiting to burst. 

Kennedy touted his Canadian cannabis business as a smart hedge for the world's largest pharmaceutical companies in an interview with Cramer on CNBC.

"Cannabis is a substitute for prescription painkillers, prescription opioids, and so if you're an investor in a pharmaceutical company or you're a pharmaceutical company, you have to hedge the offset from cannabis substitution," Kennedy told Cramer. 

Tilray shares jumped 47% in morning trading Wednesday, while also lifting other players in the cannabis space. Shares of Cronos Group Inc. (CRON - Get Report) gained 21.2% and Canopy Growth Corp. (CGC - Get Report) rose 5.8%.

Tilray's shares rose 29% Tuesday after the Canadian pot company announced it received approval from the U.S. Drug Enforcement Administration to import pharmaceutical-grade medical cannabis for a clinical trial. It is the first Canadian pot company to receive approval to import into the U.S. Tilray shares have risen 400% over the past four weeks.

Tilray will import a cannabis pill that will allow researchers to test an investigative drug product containing cannabidiol and tetrahydrocannabinol. The study is slated to begin in early 2019.

Wine and spirit giant Constellation Brands Inc. (STZ - Get Report)  was among the first to sniff out the opportunity in cannabis, spending $191 million in 2017 for a 9.9% stake in Canopy Growth. Constellation has since dropped $4 billion more to raise its stake in Canopy Growth to 38%.

Constellation Brands will be present at TheStreet's "Invest Like the Pros" event on Oct. 13.

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