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Canadian marijuana company Tilray wrapped up an eventful week on Wall Street as its stock price dropped by 30% on Friday following a recent push by an agreement with the US Drug Enforcement Administration.
Tilray's shares sold for $ 123 on the NASDAQ when markets closed on the weekend, nearly 48 hours after reaching a record high of $ 300 in trading on Wednesday afternoon.
Barely two months after valuing its stock at $ 17 a share on its IPO, Tilray's most tumultuous week on Wall Street still peaked at about $ 12.34 billion. to win a client in the DEA.
Tilray's shares were valued at $ 117 Monday morning, and the company recorded gains of 10%, 29% and 38% respectively on Tuesday, Wednesday and Thursday, before Friday.
Announced Tuesday, the agreement between Tilray and the DEA will involve the British import company of capsules containing CBD and THC, the main active compounds of marijuana, to use in a government study on their effectiveness in the treatment of tremors .
Marijuana is illegal in the United States under federal law, imposing restrictions on both producers and scientists wishing to participate in government-approved studies of the plant.
Only one facility across the country is currently allowed to cultivate the pot for the government – the University of Mississippi – but legislation in the House would triple this number and pave the way for eventual licensing of new fishermen.
Rep. Matt Gaetz, Republican of Florida and author of the legislation, described this week's DEA deal with a foreign company as "incredible."
"What happened to" buy American, hire Americans "?
Thirty-one states have laws that allow medical marijuana, including Florida, and nine have legalized the plant for recreational purposes.
Canada is the second-only country after Uruguay to legalize marijuana, and the Canadian government will allow licensed clinics to sell marijuana to consumers starting October 17.
"There is an obvious global growth opportunity for medical marijuana," Tilvan CEO Brendan Kennedy told CNBC's Jim Cramer earlier this week. "With Canada, we will see 100% growth: one country, Uruguay, to two countries, Canada. What intrigues me, is the country three, four, five and six.
"I think you'll see the third country in the 12 months of October, and that's where the real opportunity lies. It's not Canada, but all the countries that follow. "
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