Name: Cannabis stocks get high on Reddit-fueled rally
Uploaded: 2021-02-12T18:35:46.000Z
Duration: 1 min 49 s
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the Reddit crowd has set its sights on something new.

POT STOCKS Shares in cannabis companies soared on Wednesday, fueled by positive post on Wall Street bets the same reddit message board responsible for the recent trading frenzy involving Gamestop and AMC in one post that received around 10,000 likes in about 12 hours.

One user points to shares of Till Ray and Africa, telling other Reddit users that those stocks have more room to rise.

Shares of Tillery jumped 27% to highs not seen in a year and a half after the shares jumped to a record high.

S listed trading on the NASDAQ, but it's more than just read it mania.

Driving these stocks higher, investors have been pushing up the sector for months, betting the Biden administration will decriminalize marijuana at the federal level.

In addition, some Democrats have promised to make changes that could help give cannabis companies access tome or traditional methods of banking and open the sector to new institutional investors.

There are, however, skeptics some analysts think prices are becoming too high, especially for Till Ray Africa and Canopy growth.

Three Canadian companies that are unlikely to see much upside from any federal legalization of marijuana in the US, and even with all the hype, it's still a money losing business.

Canopy Growth, the top pop producer, this week posted a quarterly loss.

Nevertheless, the Reddit crowd thinks it has a winner in cannabis stocks.

But the rise and fall of Gamestop could serve as a cautionary tale.

 During the frenzy that stocks surged to a record high of $483 on Wednesday, it was back down to the $50 area. 