Cannabis stocks have enjoyed a recent resurgence after share prices endured steep declines over the summer.
Nanaimo based cannabis company Tilray Inc became the first Canadian cannabis producer on the NASDAQ in July, when its initial share price was set at $17 USD.
After sitting well under $50 a share for much of August, the stock has been steadily climbing upwards the past three weeks and on Wednesday shares skyrocketed.
Registering a 28.95% gain by the markets closing bell, Tilray's stock ticker TLRY touched $297 a share before finishing the day at $214, making the cannabis company worth more than American Airlines and Expedia.
Pot company Tilray is now bigger than CBS, American Airlines and Clorox https://t.co/H3oRqhyQYJ pic.twitter.com/EURKkegUjL
— Bloomberg (@business) September 19, 2018
The spike came following a report that the company is the first to receive permission to legally export marijuana to the US as part of a clinical trial at the University of California at San Diego.
It's believed to be the first export of a cannabis product from a Canadian company to the U.S., where the marijuana remains categorized as a schedule one drug similar to heroin at the federal level.
Tilray's surge on the markets was not without its bumps, NASDAQ officials temporarily halted all trading on five occasions during Wednesday after volatility triggered circuit breakers.
Despite the spike in market value, Ontario's Canopy Growth Corporation remains the largest marijuana company in the world in terms of production and sales.
