U.S. Markets closed

Tilray Tumbles Second Day as Investors Grow More Cautious on Pot

Jeremy Herron
Cannabis plants grow in a greenhouse at the CannTrust Holdings Inc. Niagara Perpetual Harvest facility in Pelham, Ontario, Canada, on Wednesday, July 11, 2018. Canadian pot stocks have had a wild ride in the past year with the BI Canada Cannabis Competitive Peers Index surging about 250 percent from October to December as the road to legalization became clearer in Canada, before dropping by about 36 percent this year. Photographer: Cole Burston/Bloomberg

Tilray Inc. plunged for a second day as the Canadian weed company continues to take investors on one of the wildest rides in the nascent industry’s history.

Shares in Nanaimo, British Columbia-based Tilray sank 28 percent to $126.96 as of 9:57 a.m. in New York. The stock is down 40 percent in the past two days. Tilray nearly doubled on Wednesday, then wiped out that gain within an hour only to surge 40 percent into the close. The stock is still up 21 percent in the week.

The roller-coaster ride captured the attention of Wall Street as Tilray became a proxy for the latest investor craze. The stock was the most traded by value Wednesday after only Amazon.com, and mentions of cannabis in news articles nearly doubled the amount mentioning crypto. Investors grew more cautious Thursday.

More from Bloomberg.com: Emirates Seeks Etihad Takeover to Create World’s Largest Airline

More from Bloomberg.com

Read Tilray Tumbles Second Day as Investors Grow More Cautious on Pot on bloomberg.com