Nanaimo’s Tilray Inc. briefly the world’s largest cannabis company

The company, only listed in the US, nearly reached $300 in afternoon trading on Wednesday

Trading in shares of Nanaimo-based Tilray Inc. was stopped numerous times on Wednesday due to volatility that saw the cannabis producer’s intraday share price rise to $297.70 US — a gain of nearly 100 per cent before falling in value as the trading day ended.

Tilray on Wednesday plunged to as low at $151.50 US, before climbing again to close at $214.06 US at 4 p.m. EDT.

Tilray has seen its shares soar more than 850 per cent since it started publicly trading in July.

Tilray shares surged 28.95% on Tuesday and a further 38.12% on Wednesday after it was reported that the company is the first to receive permission to legally export marijuana to the US as part of a clinical trial at the University of California at San Diego.

RELATED: Tilray to export cannabis to U.S. for clinical trials

Its market cap on Wednesday reached $20.28 billion US, making it the largest cannabis company in the world.

Tilray and a researcher at the University of California San Diego believe this is the first export of a cannabis product from a Canadian company to the U.S., where marijuana is still illegal at the federal level.

Tiray will be exporting capsules containing a formulation with two active ingredients extracted from the cannabis plant for a clinical trial examining the drug as a potential treatment for adults with essential tremor, a neurological disorder.

The formulation will contain cannabidiol and tetrahydrocannabinol, better known as CBD and THC, and will be used in a trial scheduled to begin in early 2019.

UC San Diego’s Dr. Fatta Nahab said he believes this product has not been imported from Canada into the U.S. before.

While several states have legalized cannabis for medical or recreational use, marijuana remains illegal under U.S. federal law.

Tilray trades as TLRY on the Nasdaq.

– With files from the Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Premier John Horgan hints at daylight saving changes after record-breaking survey response

B.C.’s largest public consultation saw more than 220,000 residents respond to time change survey

Jurors talk about trial of U.S. man convicted in 1987 murders of Saanich couple

Three jurors offer a window into deliberations during the trial

Victoria Police issue warning after man left dangling from raised Johnson Street Bridge

A man bypassed safety measures and became stranded as the bridge lifted

Victoria participates in ‘period poverty’ research project

Society of Saint Vincent de Paul, Victoria Youth Empowerment Society join province-wide efforts

Supreme Court Judge rules medicinal marijuana company must vacate farm in Central Saanich

Evergreen Medicinal Supply Inc must vacate no later than Aug. 31, 2019

3 dead, 2 missing in northern B.C: Here’s what we know so far

Lucas Fowler, 23, and his girlfriend, Chynna Deese, were shot and killed on July 14 or 15

Coroner investigating after body recovered from Okanagan Lake

Penticton fire department assisted the RCMP with the recovery of a body Saturday

Overdoses overwhelming in B.C. Interior

Part two: Who’s affected by the current opioid crisis

Kelowna cab driver charged with sexual assault

RCMP received a report May 28 alleging a taxi passenger had been sexually assaulted by a cab driver

Tubing world record broken on Vancouver Island

But record for length of tubes linked together still has to be confirmed

The Beaverton’s sharp satire thrives in polarized political climate

Canadian TV series’ third season to air Tuesday on CTV after “The Amazing Race Canada”

VIDEO: Young couple found dead in northern B.C. had been shot, police say

Chynna Noelle Deese of the U.S. and Lucas Robertson Fowler of Australia were found along Highway 97

VIDEO: Man found dead near B.C. teens’ truck could be linked to a double homicide

RCMP said they are looking for Kam McLeod, 19, and Bryer Schmegelsky, 18, of Port Alberni

Family of missing B.C. senior with dementia frustrated with situation, heartened by community support

Nine days since Grace was last seen the question remains: ‘How can an 86-year-old just disappear?’

Most Read