Pot-Stock Short Sellers Hammered After DEA Move Sets Off 79% Surge [BNN Bloomberg (Canada)]
Tilray Brands, Inc. (TLRY)
Last tilray brands, inc. earnings: 3/2 04:05 pm
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Source: BNN Bloomberg
Short sellers with positions against the top ten cannabis company stocks wracked up $210 million in mark-to-market losses as stocks across the industry soared, according to data from S3 Partners LLC. The one-day rout wiped out all gains that the cohort had earned in April and extended year-to-date paper losses to nearly $240 million. Cannabis industry stocks swiftly gained Tuesday on news that the DEA is poised to to reclassify marijuana to a less dangerous level of drug in a major step forward for the group. The change, if ultimately accepted by the Department of Justice, would remove hefty taxes cannabis companies currently have to pay, immediately boosting cash flow, and could pave the way for further shifts in federal law. With the “reversal of fortune some short sellers were squeezed out of their positions,” said Ihor Dusaniwsky, managing director of predictive analytics at S3 in an email. “We should expect more squeeze related short covering over the next few days as short
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TLRY
Earnings
- 4/9/24 - Beat
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Analyst Actions
- 4/10/24 - CIBC
TLRY
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- 5/14/24 - Form 8-K/A
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- 5/7/24 - Form 8-K
- TLRY's page on the SEC website