Tilray Plunges Most on Record as Cannabis Stocks Tumble
- Cannabis sector see-saws as Reddit-inspired traders pile in
- Short positions trimmed across sector outside of Tilray
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Tilray Inc. fell 50% Thursday, the most ever, halting a record three-day rally as another Reddit-inspired push into cannabis stocks quickly unraveled.
The loss helped push the ETFMG Alternative Harvest ETF, known by its ticker MJ, down 25% in its biggest ever drop as other pot stocks also see-sawed from gains to losses. Canopy Growth Corp., the biggest cannabis company by market value, also took a sharp drop ending 22% lower.