Tilray, a Canadian pharmaceutical firm, witnessed its shares reach the “moon” after it started to import medical cannabis to the U.S., with a Drug Enforcement Agency (DEA) approving the trade, Bloomberg reports.
The company’s stocks went 1,000 times higher than its previous values after the company went public in July 2018. As the crypto community, we are not unfamiliar with such spikes, after all, most of the community is here due to the hope to see another 1,000x rise.
Last year, crypto markets witnessed a rapid increase in the prices led by Bitcoin (EXANTE: Bitcoin), which turned to a massive shock when it all fell to the prices we are following these days.
The crypto hype is still ongoing, however, now the next big thing might be the cannabis business. It has always been a very lucrative industry but we are now talking about a legal cannabis business approved by the DEA.
It might not take you to the moon, but it will surely get you higher. Medical cannabis is being sought for the research mainly. In order to provide the right dosage and the right type of cannabis to individuals, a thorough research has to be carried out. This sounds like reinventing the wheel since unlike crypto, cannabis has been around for a very long time and most probably people already know the right dosage for themselves.
In any case, the cannabis importing company Tilray is in the spotlight these days. Can legal cannabis businesses challenge crypto in terms of hype and profits they are generating?
There are crypto companies working around cannabis, we have reviewed one of them very recently, under a popular category: scams. The Paragon project was about medical marijuana which turned out to be a very shady business.
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