At Canadian medical marijuana company Tilray Inc., things just keep getting higher.
After the US Drug Enforcement Administration (DEA) approved its request to export medical marijuana today (Sept. 18), Tilray shares posted their second-best day ever, with US-listed shares jumping nearly 29%. They closed at $154.98, after rising nearly five-fold in the past month—and nearly eight-fold since its public debut in July.
Now, as its stock price continues to soar, the self-described “sophisticated producer of premium medical cannabis” has pushed ahead of Canadian rival Canopy Growth Corp. to become the world’s most valuable marijuana company. Tilray is now valued at $14 billion, but its CEO Brendan Kennedy told Bloomberg he can foresee a $100-billion future.
The recent DEA approval is for a forthcoming clinical CBD trial alongside University of California San Diego Center for Medicinal Cannabis Research to treat essential tremor, the neurological movement disorder. The affliction primarily affects the elderly and causes uncontrollable shaking.
Tilray is also involved in a host of other clinical trials around the world to treat everything from PTSD to chemotherapy-induced nausea.