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'Reefer Madness' Has Come To Wall Street For Marijuana Stocks

'Reefer Madness' Has Come To Wall Street For Marijuana Stocks
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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.

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.

Others can't help but laugh at the fact that reefer is finding a kushy place in the stock market.

We'll see if their stocks keep growing like a weed.

H/T: abc News, Slate