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Tilray's (TLRY) - Get Tilray Brands Inc. Report stock has detached from any form of reality. 

Shares of the pot stock exploded 10% in early trading Wednesday on a lack of news. The stock has gained about 190% in the past month. The company now has a market cap above $9 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.

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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.

An $8 billion market on that level of sales is rich, to be sure.

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