Why Tilray Stock Soared 120% in September — and How It’s Performed So Far in October

What happened

Tilray (NASDAQ:TLRY) stock rocketed 120% in September, according to data from SP Global Market Intelligence.

Bringing investors up to date, shares of the Canadian marijuana grower have tacked on 2.2% so far in October through Friday the 5th, when they closed at $146.91 per share. This brings their total gain since the company went public at $17 per share on July 19 to a whopping 764%. 

Image source: Getty Images.

So what

We can attribute Tilray’s powerful September performance to several catalysts. First, Tilray is benefiting from a tailwind that’s boosting the entire cannabis space: Recreational pot will become legal for adults in Canada on Oct. 17. 

Second, Tilray stock has been getting a lift from the belief among some market participants that the company will ink a deal similar to the one that fellow Canadian marijuana producer Canopy Growth (NYSE:CGC) signed with alcoholic beverage giant Constellation Brands (... read more at: https://www.fool.com/investing/2018/10/05/why-tilray-stock-soared-120-in-september-and-how-i.aspx