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.
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