Don't lump us into the investor frenzy around pot stock Tilray, says CEO of rival Canopy Growth – CNBC

The crazy trading this week around Canadian pot stock Tilray should not be viewed as typical for investors who want to put money into the industry, Bruce Linton, CEO of rival Canopy Growth, told CNBC on Friday.

“I think it got technically weird,” said Linton, referring to the wild swings in the U.S. shares of British Columbia-based Tilray.

Linton attributes the Tilray moves, in part, to the “very limited trade available in the total number of shares in the float.”

There are about 76.5 million Tilray shares outstanding, but the float — those shares actually available for trading — is just 17.8 million, according to FactSet.

Shares of Tilray, which have been captivating Wall Street this week, had another roller-coaster ride Thursday, eventually closing down more than 17 percent, with a market value of about $13.5 billion.

Tilray opened 20 percent lower on Friday.

During the regular trading day Wednesday, the stock was halted five times by the Nasdaq, rising as much as 90 percent and briefly turning negative before closing up 38 percent.

“I suspect [Tilray trading] will return to normal. They’re a nice business. They have a nice start,” Linton said on “Squawk Box” on Friday.

Linton said shares of Ontario-based Canopy Growth, with 228.5 million shares outstanding and a float of about 201 million shares, trades “relatively normal.”

However, a “relatively normal” trading pattern surrounding marijuana stocks is certainly in the eye of the beholder.

U.S. shares of Canopy, which traded for years on the OTC pink sheets, began trading on the New York Stock Exchange on May 24. Over the past 12 months, Canopy has gained nearly 500 percent — nearly 115 percent year to date alone.

In an up-and-down week, Canopy shares rose 11 percent as of Thursday’s close, with a market value of

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Pot stocks poised to open lower – Seeking Alpha

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Cramer: Investors buying pot stocks right now are making a mistake — 'I don't want people to get hurt' – CNBC

Investors piling into pot stocks this week are making a huge mistake, CNBC’s Jim Cramer warned on Friday.

Shares of marijuana companies have been booming recently, in the run-up to Canada’s legalization of recreational-use on October 17. But Cramer, the host of “Mad Money,” said next month will instead be a “sobering moment” for pot stocks.

“October 17 is not going to produce the ‘high’ so to speak that people think,” Cramer said on “Squawk Box.” “I don’t want people to get hurt.”

Cramer said Thursday there’s nothing in terms of company fundamentals or industry trends to justify the dizzying moves in pot stocks this week.

The promise of the marijuana industry cannot compare to what the internet had to offer during the 1990s dot-com boom and bust, Cramer said Thursday on CNBC. “But the investors [now] are trading like the dot-com.”

Brendan Kennedy, CEO of Canadian pot company Tilray, told Cramer on Tuesday that global pharmaceuticals must think about partnering with cannabis producers as a “hedge” against the burgeoning marijuana industry.

On Thursday, Cramer stressed Kennedy, during the interview, was not being promotional or trying to talk up the stock.

Shares of Tilray, which have been captivating Wall Street this week, had another roller-coaster ride Thursday, eventually closing down more than 17 percent. Tilray was under severe pressure in premarket trading on Friday and opened 20 percent lower.

During the regular trading day Wednesday, the stock was halted five times by the Nasdaq, rising as much as 90 percent and briefly turning negative, before closing up 38 percent.

Tilray, a Canada-based cultivator that markets, develops and distributes marijuana products, aims to be “a global company” that “dominates part of [the] $150 billion industry.”

Only nine states in the U.S. and the District of Columbia have legalized cannabis

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Think Marijuana Stocks Are Crazy? The Options Are Insane – Barron's

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'People too excited' about pot stocks and 'it will end badly': Cramer – CNBC

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