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Tilray dumps 46 per cent as another Reddit rally stumbles, Mastercard supports crypto

By John Shepard

13:00, 12 February 2021

Tilray

Canadian cannabis company Tilray (TLRY) saw a loss of almost 50 per cent on Thursday, February 12, after the stock gave up much of its gains seen on the previous day. The move was driven again by the WallStreetBets Reddit group and the stock has seen record volumes over the last few days. The plunge in Tilray was mirrored by a slump in Aphria (APHA), which was 32 per cent lower on the day at $16.88.

The onset of “pump and dump” in the cannabis sector marks a poor week for the amateur investor as GameStop (GME) was struggling to get above the $50 level and AMC (AMC) was three per cent lower at $5.61. 

In cryptocurrencies, Bitcoin (BTC) was higher by around six per cent, while Dogecoin (DOGE) gave back 2.5 per cent of its recent surge. 

Pot bets go up in smoke

Tilray saw its explosive gains this week disappear as bullishness on the cannabis sector cooled. The large gains seen on Tuesday and Wednesday ran into a wall of selling today, and the stock is now trading $32.16 after a high near $67.

Tilray sees the release of its earnings on March 1, and it will be interesting to watch the price action into that date. Analysts see the company’s earnings ranging from ($0.19) to ($0.09). Tilray posted a loss of ($0.62) per share for the same quarter last year, which would represent growth of 77 per cent.

In a new development on Wednesday February 10, Tilray announced a deal with a medical cannabis distributor in the UK. Grow Pharma will import and distribute Tilray's products into the country and this will add to the earnings picture.

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Mastercard announces support for crypto payments 

Bitcoin investors were cheering another corporate adoption story after Mastercard (MA) said it would let merchants accept payment in cryptos later this year. 

The company has not disclosed which digital currencies will be supported but it’s now clear that corporations are starting to take notice of the sector. Many now realise that they could be left behind and lose market share if they do not act now. 

Mastercard CEO Michael Miebach said in the fourth quarter that his company planned to integrate digital currency “directly on our network”. Miebach is new to the role and is obviously looking to make his mark with a revolutionary move in the company’s strategy. 

Investors will now be looking to see which company lines up next after Tesla (TSLA), Twitter (TWTR) and Mastercard noted their intentions in a single week.

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Markets in this article

BTC/USD
Bitcoin / USD
69960.40 USD
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DOGE/USD
DogeCoin / USD
0.2143124 USD
-0.0082251 -3.700%
GME
GameStop Corp (Extended Hours)
12.63 USD
-0.65 -4.970%
MA
Mastercard Inc (Extended Hours)
481.62 USD
0.95 +0.200%
TSLA
Tesla Inc (Extended Hours)
175.31 USD
-4.37 -2.440%

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