Sector Surge Sends 2 Cannabis Stocks Higher Out of the Gate

The option pits are exploding with cannabis stock trades

Deputy Editor
Mar 25, 2022 at 11:15 AM
facebook X logo linkedin

The cannabis sector is in the spotlight, after news that the U.S. House of Representatives is scheduled to consider a cannabis decriminalization bill next week. Naturally, pot stocks are on fire today, two of which are Tilray Inc (NASDAQ:TLRY) and Sundial Growers Inc (NASDAQ:SNDL). Earlier, TLRY surged over 14%, while SNDL jumped as high as 13.2%, though both stocks have since moved off their session highs. 

Tilray stock recently hit a March 15 low of $7.78 -- its lowest level since December of 2020. However, the stock has been climbing since then, and is now extending yesterday's impressive 21.9% gain. Plus, today's pop has the equity breaking above its 100-day moving average, which has put pressure on the shares since April of 2021. 

Penny stock SNDL was adding to its rally as well, but is now trading flat after securing a 23.1% win yesterday. It's also worth noting that short interest represents 11.2% of the stock's available float. Year-to-date, the equity is up 33%. 

Options traders are bombarding the sector today, with both stocks seeing more trading volume than they've had all year. SNDL options are being picked up at 16 times their typical intraday average, while TLRY options are being traded at 19 times what's typically seen. The most popular SNDL option is the weekly 4/1 1-strike call, and the most active for TLRY is the weekly 3/25 8-strike call, with new positions being bought to open there. 



How to collect 1 dividend check every day for LIFE

Did you know you could collect 1 dividend check every day the market is open? You could also do it starting with just $605! For me, I'm collecting 70 dividend checks every quarter…which averages around 1.1 dividend checks every business day. There's no trading behind this... no penny stocks or high-risk investments. All you do is buy and hold and you're set. There's no set up required either. If you start buying the dividend stocks I show you today... you could collect 1 dividend per day starting as early as this week. Click here for all the details.