January 15, 2019 / 5:16 PM / 9 months ago

BUZZ-Tilray shares smoked as IPO lock-up expires

** Tilray shares falling ~11 pct in volume and set to snap 3-day win streak as Canadian medical marijuana co’s IPO lockup expires

** TLRY dropped as much as 14 pct to $86.09 earlier in session. Trading volume of ~9 mln shares is 2.6x 10-DMA

** Stock had soared 25 pct over previous 2 sessions after co’s PE-backer Privateer Holdings, owner of 75 mln shares, stated on Fri it doesn’t have plans to sell during first half of this year

** That statement prompted Roth Capital to issue note saying it believes only ~8 pct (~8 mln shares) of co’s total outstanding would be released from lock-up, adding that stock’s volatility continues due to “very limited” amount of trading float

** Separately, Tilray scheduled to present today at the ICR conference in Orlando, Florida, at 1:30 p.m. ET

** Other weed stocks mixed on Tues. U.S.-listed shares of Canopy Growth up ~4 pct following 11 pct surge on Mon after co received New York State hemp license

** Cronos Group and Aphria off 1-2 pct, while Aurora Cannabis up 5 pct

** Cannabis-focused ETFMG Alternative Harvest ETF down ~1 pct

** Even with Tuesday’s decline, TLRY up 26 pct YTD and up more than 400 pct from its Jul IPO price

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