Tilray Heads for Best 3-Day Gain Ever as Pot Stocks Surge

(Bloomberg) -- Tilray Inc. jumped as much 58% and it’s headed towards its best three-day advance on record, amid broad gains in pot stocks after a string of positive earnings in the sector.

Tilray’s jump helped push the ETFMG Alternative Harvest ETF, known for its MJ ticker, 20% higher in early morning session. Organigram Holdings Inc. and Supreme Cannabis Co. also advanced. Tilray was last 41% higher at $59.94 at 9:55 a.m. in New York.

The gains follow a sector rally on potential regulatory reform in the U.S. under the Biden administration, which has caught the attention of individual investors on Reddit’s WallStreetBets forum.

Earlier on Wednesday Canopy Rivers Inc. also added to a round of positive earnings, reporting a third quarter profit after a loss in the period last year. Canopy Growth also reported a sales beat in its earnings released Tuesday, when it also announced it expected to gain broad access to the U.S. market in 2020 with help from Constellation Brands Inc. partnership.

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