Once down in the weeds, cash-strapped pot producers raise billions in market rally

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 23 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 66%

Business News News

Business Business Latest News,Business Business Headlines

A political shift in the United States has unlocked an estimated US$1.38 billion jackpot for struggling pot producers who have cashed in on a ...

REUTERS: A political shift in the United States has unlocked an estimated US$1.38 billion jackpot for struggling pot producers who have cashed in on a surge in their shares since President Joe Biden's election in November.

Retail investors have also piled into the pot sector this week, with Tilray, Aphria and Sundial Growers emerging as the new favorites of Reddit's popular WallStreetBets forum that was behind recent rallies in some shorted stocks. Considered by many analysts to be a bankruptcy risk earlier, the company has improved its cash position from US$22 million to over US$600 million in just four months and fully repaid its current debt obligations.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines