A worker examines cannabis plants on a Tilray farm.

Source: Tilray

A group of cannabis stocks plummeted Thursday after the Reddit trading crowd piled into the names on Wednesday.

Tilray stocks were down 22% Thursday after rising 90% this week. Aphria is down more than 15%, up from 35% this week. Aurora Cannabis is down 11% after rallying nearly 30% since Monday.

The growth of the roof has decreased by 15% and that of the sundials by 6%.

Cannabis stocks are rising again on Thursday

The group of cannabis companies is getting attention this week from the same WallStreetBets Reddit army that contributed to GameStop’s epic short squeeze last month. The social media members posted news about their winnings in Top Facts and encouraged other traders to get involved.

“Here we go my! TLRY to the moon !!!” said a post on Thursday.

“Weedstocks, the new WSB darling,” said another post on the same day.

However, trade appears to be unraveling on Thursday as pot stocks return to earth. Several analysts looking at the cannabis companies told CNBC on Wednesday that price action this week has barely any fundamentals.

Part of the discussion on Reddit centered on the upcoming Tilray / Aphria merger. Other social media users mention the decriminalization of the plant at the federal level under the new administration as a positive catalyst for the group.

The movement in pot stocks could also be related to high short interest ratios, which measure how much of a company’s traded stocks are used for betting against the company. GameStop and AMC Entertainment have been targeted in part by retailers because their high interest in shorts made the stocks attractive candidates for what is known as a short squeeze. According to FactSet, Tilray’s short stake is 22.5% of the stocks available for trading.

However, some of these retail investors have held onto these stocks since moving in 2017 and 2018 and are optimistic about the newfound interest of other investors.

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