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Wall Street warns that hemp stocks may become another bubble

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发表于 2018-9-20 17:18:20 | 显示全部楼层 |阅读模式
On Wednesday, Tilray Inc (NASDAQ: TLRY) stock price shock, the Canadian cannabis producer stocks in a few times surged to trigger the fuse mechanism, but eventually closed up more than 38%. Previously, Tilray CEO Brendan Kennedy said the company might one day become a company with a valuation of more than $100 billion.
Bloomberg said Tilray, which was valued at nearly $6.5 billion on Wednesday, changed hands on the US exchange, second only to Amazon's $7.6 billion, which has a market capitalization that is almost 47 times the market value of Tilray. In the session, there is news that a private equity fund owned by billionaire Peter Thiel holds a 76% stake in Tilray. After Wednesday's skyrocketing, the value of Thiel's shares has exceeded $12 billion.

Michael O'Rourke, chief market strategist at JonesTrading Institutional Services, said, "This behavior is easily reminiscent of the Internet bubble. An emerging industry, a company with a first-mover advantage, coupled with stock price volatility and media hype, these factors Putting it together is very dangerous for investors."

There are also market participants linking the cannabis stock to the cryptocurrency concept stock. At the end of last year, shares of companies rebranded in cryptocurrency or blockchain rose sharply. Riot Blockchain (NASDAQ: RIOT) rose 400% after the name change, but the stock plummeted to the level of September last year after the bitcoin bubble burst.

Don Selkin, chief market strategist at Newbridge Securities, said: "This has nothing to do with the long-term prospects of the industry. It is purely technical." Bloomberg pointed out that Tilray has a market capitalization of more than $21 billion, and Canopy Growth Corp (TO:WEED With a market capitalization of more than $12 billion, Cronos Group, Inc. (NASDAQ:CRON) has a market capitalization of $2.7 billion, and the market value of these three major hemp producers alone exceeds $35 billion.

However, according to data from the Arcview Market Research/BDS analysis, global legal cannabis consumer spending will reach $32 billion by 2022. This means that the size of the entire legal cannabis market in four years is smaller than the market value of the three well-known cannabis producers.

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