It looked a little bit like Christmas today when it comes to cannabis stocks: a healthy mix of red and green.
Cannabis stocks, in general, had a healthy day with significant ups and downs.
Buds
Tilray Inc's (NASDAQ:TLRY) stock soared Wednesday, up 13.36 % at US$95.79.
Short-seller Andrew Left of Citron Research said Tilray has hit bubble levels and created a “ridiculous valuation discrepancy” for the Canadian marijuana grower.
In his latest note to investors, Left claims Tilray, which went public in July at US$17 and went past US$100 Wednesday, is part of an unjustified frenzy to buy marijuana stocks, which is “even more ridiculous” than bitcoin mania.
Investors, however, didn't agree with his comments and shares jumped.
READ: Tilray shares climb past US$100 for the first time as short-seller Andrew Left dubs the rally more ridiculous than bitcoin mania
Shares of Auxly Cannabis Group Inc (CVE:XLY, OTCQX:CBWTF) and Lotus Ventures Inc (CSE:J) continued to jump on Wednesday after it announced Tuesday it had finalized an additional investment by Auxly of C$4mln to help fund Lotus’ 22,500 sq/ft facility in Armstrong, British Columbia. The company announced it had signed a definitive long-term purchase and sale agreement.
Shares of Vancouver-based Auxly jumped 8.5% at US$1.12 in New York and boosted 9.6% at C$1.48 in Toronto.
Shares of Lotus were up an eye-popping 28.1% at C$0.37.
READ: Auxly Cannabis shares rocket as it advances $4mln to Lotus Ventures to complete growing facility
CBD maker Isodiol International Inc (CSE:ISOL, OTCQB:ISOLF) saw shares soar on Wednesday after it released news that its fiscal first-quarter revenue more than tripled.
Shares added 40% at US$3.00 on Wednesday. Isodiol manufactures and develops cannabidiol (CBD) consumer products.
The company said first-quarter revenue was C$9.2mln, a 240% increase over the quarter ended June 30, 2017, and 70% better than revenue of C$5.4mln seen in the fourth quarter of fiscal 2018.
Duds
Cronos Group Inc (TSE:CRON, NASDAQ:CRON) shares dipped today down 6.0% at US$11.27 in New York and were down 6.5% at C$14.70.
Cronos also took a hit a few weeks ago after the infamous short seller Andrew Left’s firm Citron Research delivered a pessimistic call on the stock.
Shares of Surna Inc (OTCMKTS:SRNA) were down 6.5% at US$0.14 on Wednesday.
The company manufactures equipment for the legal cannabis industry.