Tilray stock passes $100 for the first time, but Citron slams recent rally as ‘even more ridiculous than bitcoin’

Shares of Tilray Inc. are up more than 10% in Wednesday morning trading, marking the first time the marijuana company’s stock has crossed the $100 threshold in intraday trading. Citron Research reiterated its short call on the stock Wednesday, in a note titled “Our Final Word on $TLRY before $50” that discusses what the analysts believe is a “ridiculous valuation discrepancy.” The Citron team expects that the company will need to conduct a secondary offering to raise additional capital and fund its expansion plans. “Soon the stock market will have more options as the deepest cannabis IPO pipeline in history will detract capital from Tilray and traders will have new toys to play with,” the Citron analysts wrote, highlighting Canopy Rivers and Slang Worldwide as companies in the pipeline. “These stock prices are equivalent to bitcoin mania – although it is even more ridiculous than bitcoin .” Also on Wednesday, Aurora Cannabis Inc. bought Agropro, the biggest hemp producer in Europe, as well as distributor Borela. Other pot stocks are down in Wednesday’s session, including Cronos Group Inc. , off 6.7%, and Canopy Growth Corp. , down 2.5%. Tilray’s stock is up more than 300% in the past month, compared with a 1.8% rise for the S&P 500 .

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