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Wall Street is the latest to be consumed by the haze of reefer madness.
This week, a small Canadian medical-marijuana company called Tilray saw their stock get crazy high after going public just two months ago.
On Wednesday, the company's market value soared above $20 billion — higher than that of American Airline, CBS or Clorox.
Stock prices for Tilray started out at a humble $22 a share when they closed their first day of trading. But on Wednesday, those prices multiplied more than 10 times when stocks hit $300 a share.
These stock prices are wild as the company is bringing in a very modest revenue. Last quarter their earnings were just over $9 million.
Some believe that Tilray's market boom is the result of investors looking for the next trend after cryptocurrency.
But honestly, the stats are remarkable.
When you tell your TL for the past three weeks to get @tilray stock and folks think you are kidding...then it rises… https://t.co/TYJAGUsk6Y— Nduta Axelrod 🇰🇪🏳️🌈 (@Nduta Axelrod 🇰🇪🏳️🌈) 1536693391.0
@charliebilello If you own Tilray stock, sell now.— The Zen Corner 🌎 (@The Zen Corner 🌎) 1537283989.0
Tilray, a weed stock, had an IPO price of $17 and is now $109 after less than two months. Herh 😳.— Alfred (@Alfred) 1537190584.0
Tilray stock has been paused because of volatility three times in the past half hour. Today's price range: $175-$3… https://t.co/wwNlQN3VBS— Jeremy C. Owens (@Jeremy C. Owens) 1537385224.0
Even without national legalization, Americans are forecasted to spend $11 billion on legal weed this year. For reference, that's more than what Major League Baseball made last year.
Also, Coca-Cola recently admitted that they were looking into CBD-infused beverages. CBD can't get consumers high, but it is approved for medical use. The infused drinks would be a bit of a hat tip to the company's original invention which contained some cocaine.
Some people feel that the potential of marijuana stocks is sky high.
@CNBC @MadMoneyOnCNBC @jimcramer The cannabis industry will be one of the biggest in the near future. There is so m… https://t.co/ENzu0lUQ3I— mark thomas (@mark thomas) 1537454452.0
Marijuana stocks possess more potential for growth than most vehicles for investment available to the market.… https://t.co/yGSJEvQF7X— StockHero.com (@StockHero.com) 1537275619.0
Others can't help but laugh at the fact that reefer is finding a kushy place in the stock market.
I will name my first born Tilray $TLRY if this gaps up again tomorrow.— Cody Pavlak (@Cody Pavlak) 1537294954.0
Options: Chinese water torture Calling Tilray the stock of the week— Luke Kawa (@Luke Kawa) 1537537098.0
If Tilray stays this pricey, management better start considering a Stock Spliff.— Jamie Catherwood (@Jamie Catherwood) 1537397231.0
Fact: The 18-year-old nephew that you hate just made more money in his E*TRADE account owning $TLRY than you have m… https://t.co/WBxG8E3zb8— Quoth the Raven (@Quoth the Raven) 1537358509.0
Sums it up perfectly. $TLRY $CGC https://t.co/tEEKVMe26D https://t.co/C2ltCBMNwc— Stocktwits (@Stocktwits) 1537378894.0
We'll see if their stocks keep growing like a weed.