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Cannabis stocks fell sharply across the board on Thursday, with many of the industry’s top performers a day earlier abandoning all of those gains. Tilray Inc. TLRY,
was the latest drop of 40%, while Aphria Inc.
HERE,
with which it merges, was down 27%. Cannabis stocks and other names have been targeted by the same group of investors in a Reddit subgroup that instigated video game retailer GameStop Inc. GME’s actions,
to climb to dizzying heights in recent weeks. These investors encouraged each other on Wednesday to make Tilray the new GameStop, creating a short squeeze of the title. Participants in the Reddit group, called Wallstreetbets, lamented the turnaround on Thursday, with some suggesting selling cannabis shares and using the funds to buy shares in the dating app Bumble Inc. BMBL,
which made its debut on the stock market. Cannabis ETF THCX,
was down 15.5%.
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