Cannabis stocks fell sharply across the board Thursday, with many of the sector’s best performers a day earlier surrendering all those gains. Tilray Inc.
was last down 40%, while Aphria Inc.
with which it is merging, was down 27%. The stocks and other cannabis names have been the target of the same group of investors on a Reddit subgroup that caused the shares of videogame retailer GameStop Inc.
to climb to dizzying heights in recent weeks. Those investors were encouraging each other on Wednesday to make Tilray the new GameStop, by creating a short squeeze in the stock. Participants in the Reddit group, called Wallstreetbets, were lamenting the turnaround on Thursday, with some suggesting selling cannabis stocks and using the funds to buy shares of dating app Bumble Inc.
which was making its stock market debut. The Cannabis ETF
was down 15.5%.
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