David Randall, 12 November 2018
NEW YORK (Reuters) – Andrew Left, one of Wall Street’s most prominent short-sellers, said Tilray Inc gave his firm its “worst day ever in the market” two months ago when its shares almost doubled in one session, but he remains bearish on the Canadian cannabis company.
Left, whose Citron Research has been betting against the stock since it traded in the $70s, was caught unprepared for the surge, which took the stock as high as $300 in intraday trading on Sept. 19, he told the Reuters Global Investment 2019 Outlook Summit in New York on Monday.
The stock ended that day up 38 percent, after the company’s chief executive said pharmaceutical companies should consider partnering with cannabis companies as a “hedge” against its increasing medicinal use as a painkiller. That came a day after the company received approval from the U.S. Food and Drug Administration to import marijuana to the United States for medical research.