TILRAY PLUNGES MOST ON RECORD AS POT STOCKS TUMBLE

Tilray Inc. extended losses to as much as 48 per cent, the most ever, halting a record threeday rally as Reddit-inspired traders attempted to pump up the cannabis sector to multiyear highs. The loss helped push the ETFMG Alternative Harvest ETF, known by its ticker MJ, down 23 per cent in its biggest ever drop as other pot stocks also see-sawed from gains to losses. Canopy Growth Corp. tumbled the most since 2016. Tilray’s three-day gain to start the week was its biggest ever, although it’s still well below the intraday high of $300 it hit in September 2018. Tilray has been a major outlier among pot stocks after merger arbitrage traders began building up short positions following its announced merger with Aphria Inc. in December, said Ihor Dusaniwsky, S3’s managing director of predictive analytics.