Tilray shares ended after equities nearly doubled to $ 300 on the trading day

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Shares of Tilray exploded on Wednesday, with stock reaching US $ 300 just before 3 pm, nearly double Tuesday, before retiring at $ 263.34. The Nasdaq stock market then stopped trading.

The company had a market capitalization of more than $ 36 billion at its highest session. At $ 263, the company is valued at nearly $ 32 billion, more than double the industry leader, Canopy Growth Corp., which was worth more than Canopy until Monday's exchange.

Tilray continues its momentum that saw the shares close Tuesday at US $ 154.98, up more than 500% from mid-August, before Wednesday's action. The company went public in mid-July at 17 USD per share. Wednesday was another day of wild trading, with stocks and a move between US $ 175 and the highest, just before 3 PM.

According to data from S & P Global Market Intelligence, only 20 Canadian public companies were more valuable than the new market capitalization of Tilray. At $ 28.9 billion, Tilray now has more value than Loblaw Cos's Telus Corp. market valuations. Ltd., Magna International Inc., National Bank of Canada and Restaurant Brands International Inc., the parent company of Tim Hortons.

Nearly all oil stocks have risen since August 14, the day Constellation Brands announced that it would inject $ 4 billion into Canopy Growth Corp. This has validated the industry in the eyes of many investors and launched a craze for finding the next cannabis / drink business partnership.

Although this has raised the boats of all players, none has benefited more than Tilray, whose main listing is not on the Toronto Stock Exchange, but Nasdaq.

Wednesday's action appeared to be partly due to Tuesday night's appearance of CEO Brendan Kennedy on Jim Cramer's team. Mad Mad exhibition on the US cable channel CNBC. Kennedy said the pain-killing properties of cannabis are a substitute for prescription drugs. He called cannabis stocks "hedge" for pharmaceutical investors.

On Tuesday, Tilray gained 29 percent after the US Drug Enforcement Administration cleared the company to import medical cannabis for a clinical trial. This Friday, Tilray will join the North American Marijuana Index which is the basis of Horizons Marijuana Life Sciences Index ETF (HMMJ), the largest cannabis-traded exchange-traded fund.

Tilray spent Canopy Monday as the world's most valuable marijuana company. At the top of Tilray on Wednesday, at $ 238.69, its market capitalization of nearly 28.9 billion Canadian dollars is comparable to that of Canap, 16.4 billion dollars Wednesday.

The Canopy operation for the issuance of new shares to Constellation in exchange for his investment will likely allow him to regain Tilray's lead this fall, after the close of the operation, based on his current price – as much as a hundred or more per day.