Cannabis stocks fell sharply everywhere on Thursday, with many of the industry’s best performers giving up all those gains a day earlier. Tilray Inc. TLRY,
fell 40% last time, while Aphria Inc. APHA,
RIGHT HERE,
with which it merges, decreased by 27%. The shares and other cannabis names were the target of the same group of investors in a Reddit subgroup that caused the actions of video game retailer GameStop Inc. GME,
to climb to dizzying heights in recent weeks. These investors encouraged each other on Wednesday to make Tilray the new GameStop, creating a short pressure on the stock. Participants in the Reddit group, called Wallstreetbets, were complaining Thursday after some suggested selling cannabis stocks and using the funds to buy shares of Bumble Inc.’s dating app. BMBL,
which was making its debut on the stock market. Cannabis THCX ETF,
decreased by 15.5%.