Shares in cannabis companies surged on Wednesday, extending a months-long rally due to bets on decriminalization under the Biden administration, as the Reddit community behind a recent trading frenzy talked up the stocks.
The forum has become a must-watch for traders at financial institutions since concerted action by some of its 8 million participants proved enough to overturn hedge fund"short" bets on GameStop and others in January. In line with some of the conditions that spurred the GameStop rally, short interest in Tilray was on the rise. About 37per cent of its free float was out on loan compared to 27.3per cent at the end of January, according to analytics firm Ortex.
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