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Stock impact report

Pot Stock Rally Burns Short Sellers for $105 Million in Losses [BNN Bloomberg (Canada)]

Tilray Brands, Inc. - Class 2 (TLRY) 
Last tilray brands, inc. - class 2 earnings: 3/2 04:05 pm Check Earnings Report
Company Research Source: BNN Bloomberg
In the last 30 days, short sellers have plowed $91 million into new positions betting that pot stocks will decline despite the paper losses, according to a report from S3 Partners LLC. The contrarian trades are taking place as cannabis companies are rising on hopes that marijuana will be reclassified and that the SAFE Banking Act, which would make financial services more accessible to the industry, will move forward in US Congress. This month, the MJ PurePlay 100 Index, a basket of US and Canadian cannabis company stocks, has gained 18%. “If the rally was overblown or if these measures take longer than expected to come to fruition, we may see a future stock price weakness and an increase of short selling in the sector,” Ihor Dusaniwsky, managing director of predictive analytics at S3, wrote in the report. Read more: Pot Stocks See Best Week Since 2020 as US Mulls Drug Shift Despite the recent surge, pot stocks are down 91% from their all-time highs reached in October 2018. Th Show less Read more
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