September 21, 2018 / 3:57 PM / a year ago

BUZZ-Tilray: Slides from a high

** Shares of Canada’s medical cannabis company tumble 25 pct to $132.13 in morning trade, their second straight day of losses, after rallying as much as 175 percent earlier this week.

** Touches record high of $300 on Wednesday after CEO Brendan Kennedy, in interview here with Bloomberg, expressed interest in market for marijuana-based consumer products

** Shares now down 60 pct from peak, still 7x above IPO price of $17; stock listed in July.

** Becomes most valuable weed company on Tuesday, overtaking Canada’s Canopy Growth, after receiving U.S. approval to import medical cannabis study drug for clinical trial at the University of California San Diego Center for Medicinal Cannabis Research

** TLRY market cap $16.43 bln vs Canopy Growth’s $11.95 bln

** As of Aug 31, about 3.5 mln of TLRY’s shrs were shorted; short interest of ~4.6 pct of its free float - TR data (Reporting by Yadarisa Shabong in Bengaluru)

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