September 19, 2018
Canadian cannabis company Tilray is now worth more than $21 billion, making it the most valuable publicly traded pot company on the planet.
Shares of Tilray on Wednesday advanced for a third consecutive day as CEO Brendan Kennedy lauded the marijuana company's growth prospects along with others in the cannabis sector.
Tilray stock highs make it most valuable pot company
Tilray jumped 29 percent after the company on Tuesday announced the U.S. Drug Enforcement Administration had given the green light for it to import medical marijuana for a clinical trial in California. On Wednesday, shares were up another 47 percent, to around $227, giving the company a total market value of $21.2 billion.
Since its U.S. market debut in July, Tilray stock has surged more than 1,000 percent, giving it a larger valuation than many mainstream names, including American Airlines and Clorox, Bloomberg News has noted.
Tilray's competitors were also traveling higher, with Cronos Group up 22 percent Wednesday, Canopy Growth ahead 2.4 percent percent and Aurora Cannabis climbing 8.6 percent.
Investors are not the only ones joining the pot party, with beverage maker Coors last month saying it would partner with a Canadian cannabis producer to develop a drink containing marijuana, and Coca-Cola on Monday confirming it was looking at cannabis-infused drinks as a potential business.
On Tuesday, Kennedy told CNBC's Jim Cramer that he anticipates another country would join Canada is legalizing marijuana in 2019, saying "it's not about Canada -- it's about all the countries that follow."
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