Thomas Farley, former president of the New York Stock Exchange, said marijuana company Tilray is not an investment, it’s a “mania.” Tilray and Canopy are Canada’s largest marijuana-related issuers. Shares in the company hit an all-time high of $300 yesterday but closed at just $176.35 on the NASDAQ today. Its shares first started trading just two months ago in July in the $20-range.
Tilray and Canopy Growth Combine For Over $30 Billion Market Cap
CNBC hosts begin their interview discussing the “lack of profits” regarding many marijuana-related stocks. Tom Farley from Far Point Acquisition warns investors to be cautious buying into both at this point. He also explains,
“One of the reasons Tilray and Canopy are trading so crazy is there the only two stocks listed here in the U.S. And, some investors are restricted by their charter to only invest in trade U.S. stocks. I wish there were more marijuana stocks listed in the U.S.”
The former NYSE President outlines his decision-making process when it comes to Canadian firms looking to list in the U.S. Many marijuana stocks in both Canada and the U.S. are now trading at all-time highs.
