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Tilray
Tilray's US stock price was volatile
Canadian cannabis companies have had turbulent swings on Wall Street as US investors seek to attract the attention of their northern neighbors.
As recreational marijuana use is scheduled to be legalized in Canada on October 17, producers Tilray and Canopy saw their US-listed inventories skyrocket.
Another company, Aurora Cannabis, said it would seek an American listing next month.
Analysts warned that stocks were overvalued and that gains could disappear in a puff of smoke.
In the first minutes of Thursday's session, the Nasdaq-listed medical marijuana company, Tilray, which was launched in July, rose nearly 12% to $ 239.63.
But at lunchtime, it was down nearly 20% on the day at $ 172.44.
On Wednesday, it was one of the best-performing US stocks, up 38%.
However, trading his shares was so volatile that it had to be interrupted five times during Wednesday's session.
Canopy growth also increased and decreased on Thursday morning, but it increased by 1.8% at lunch time. The share price is still twice as high as it was six months ago, at around $ 50.
Following their success, Alberta-based Aurora, whose shares climbed 4% on the Toronto Stock Exchange on Thursday, wants to participate in a major US stock exchange.
Cam Battley, Chief Executive Officer of Aurora, told Canada's Financial Post that "We are aiming for October to establish a list in the United States."
Aurora hit the headlines earlier this week when reports came out of talks with Coca-Cola on the development of marijuana-infused drinks.
Financial analysts warned, however, that the shares were essentially commodities and that the gains could be short-lived.
In Tilray's case, its stock price "is now up more than 1,100% in two months since the IPO," Briefing.com said in a note to investors.
"The push seems rather unsustainable, as the momentum can reverse in the short term."
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