Tilray Shares Skyrocket After New Partnership and Shopify Shares Rise After “Shop Pay” Announcement
On Tuesday, shares of Canadian cannabis company Tilray skyrocketed, closing up 40.74%.
Shares of Tilray are rising amid an increasingly positive outlook for Marijuana legalization in the United States. Yesterday, Virginia lawmakers voted to legalize marijuana use for recreational use, with plans to open dispensaries in 2024.
On Monday, Tilray also announced a partnership with pharmaceutical company, Grow Pharma, to import and distribute their medical cannabis products in the United Kingdom.
Shares of Tilray have exploded over 215% in the past month.
On Tuesday, shares of the Canadian e-commerce company, Shopify, closed up 6.53%.
Shares of Shopify rose after the company announced that its payment option “Shop Pay” will be available to use on Facebook and Instagram. This is the first time Shop Pay will be available to use outside of Shopify’s platform.
According to Shopify, in 2020, Shop Pay completed over 137 million orders and gained over $20 million in gross merchandise value by the end of 2020 since its launch in 2017. Shop Pay is now available to sellers on Instagram, and the service will be available to sellers on Facebook in the coming weeks.
Shares of Shopify are up over 20% in the past month.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.