If you are a stock holder of Canadian cannabis producer Tilary, then you are a happy person today.
Tilary became a fan-favorite on Wall Street since the company posted its second best day ever since its initial public offering Tuesday after announcing approval from the Drug Enforcement Administration to import pot to the United States for medical research.
Stock holders woke this morning to a 40% jump in price, doubling the company’s value.
CNBC notes that this new development might force big pharma to start playing nice with weed.
CEO Brendan Kennedy told CNBC’s Jim Cramer on Tuesday that the world’s largest pharmaceutical companies must start thinking about partnering with cannabis producers as a “hedge” against the space.