Tilray Snatches Biggest-Pot-Stock Crown Away From Canopy
- Canada firm exceeds $14 billion in value after two-month gain
- U.S. investors tapping into pot craze with Nasdaq stock
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Canopy Growth Corp., the first marijuana unicorn with a $1 billion valuation, just lost its crown as the king of cannabis stocks.
Tilray Inc., the Canadian pot company that went public two months ago, soared to a market capitalization of about $14 billion to surge past Canopy Growth at a mere $11.5 billion. That makes Tilray almost twice the size of aluminum giant Alcoa Inc. and bigger than Barrick Gold Corp., the largest producer of precious metals. Never mind that Barrick had revenue of more than $8 billion last year, compared with Tilray’s $20 million.