Here’s Why Shares of Tilray Ripped Today

For those of you who watched shares of Canopy Growth Corp. (NYSE:CGC) (TSX:WEED) skyrocket today, you’ve probably figured out by now that it was caused by the early morning announcement of a $5 billion CAD investment from Constellation Brands (NYSE:STZ).

For those of you who watched shares of Tilray, Inc. (NASDAQ:TLRY) skyrocket today, the reason may have been less clear.

Surely, all ships rise on high tide. That being said, today’s 20% rise in share price for Tilray was caused by a Tweet and a research report from Andrew Left at Citron Research.

“Today is the day that everything has changed in Cannabis. Real $$$ into space. Next to get support should be Tilray $TLRY tgt $45 citronresearch.com for the full story”

— Citron Research (@CitronResearch) August 15, 2018

 

With a price target of $45 per share of TLRY, Citron sees approximately 54.63% upside for the recently IPO’ed Canadian licensed producer.

For those who doubt Citron’s accuracy, the research report notes that “On Jan 3, 2018, Citron predicted that Aurora Cannabis would fall from the then $14 to $6.50. It currently trades at $6.19.”