Thursday, June 13, 2024

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WallStreetBets have turned their attention to weed

With a new administration seemingly open to marijuana legalization and more and more states taking action themselves, stocks for cannabis companies within and outside the country feel like solid bets.

Therefore cue the WSB army, who just last month ransacked the stock price of Gamestop, AMC, Nokia, and others, leaving very little behind.

In particular, Sundial (SNDL), Tilray (TLRY), and aphria (APHA) have come under intense Reddit scrutiny. Just yesterday, Tilray, a Canadian cannabis company, had its stock rise 36%. However, with the attention of WallStreetBets also comes volatility, and today the stock is plunging back down, now under 41% of where it opened.

And attention already seems to be waning, with many on the subreddit eyeing Bumble as their next victim. Hopefully, this will leave the cannabis sector to itself and back to normalizing, where it’s incremental yet steady climb will continue throughout the year.


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