Tilray stock hits record high, other weed stocks rally
Shares of Canada-based weed producer Tilray Inc. rebounded Friday, gaining 10% to close at a record $65.20. Other cannabis stocks listed on major U.S. exchanges also rallied in Friday trading. Cronos Group Inc. closed up 8.3% Friday, after Citron Research made a short call Thursday that sent shares plummeting; one analyst said the Citron note contained “unfounded allegations” and was biased. Canopy Growth Corp. ended 2.8% higher on Friday. While pot is illegal under U.S. federal law, Canada is set to legalize the drug Oct. 17. Horizon Marijuana Life Science Index ETC , which tracks more than 20 cannabis companies in North America and trades on the Toronto Stock Exchange, gained 1.9% Friday. The benchmark S&P 500 index gained less than 0.1%, and the Dow Jones Industrial Average fell less than 0.1% ahead of the long weekend.
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