Betting on Biden? Reddit fuels fresh surge in cannabis stocks

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Shares in North American cannabis firms were heading for new highs on Thursday, with Reddit-inspired retail investors betting they could beat the short-sellers and benefit from new legislation that is

expected under US President Joe Biden.

"The involvement of Reddit means a frenzy is the right word," said Jasper Lawler, head of research at London Capital Group in London. Swaggystocks, which aggregates sentiment on shares discussed on WallStreetBets which has about 8 million participants, showed Sundial and Tilray were the most or highly touted stocks.

Tilray was one of the most traded stock on German trading platform Lang & Schwarz, vying with major German stocks such as Volkswagen and Deutsche Bank. Tilray jumped more than 50% on Wednesday, while US-listed Sundial and Toronto-listed Aurora surged 78% and 21% respectively.

 

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