*By Carlo Versano*
Tilray, the Canadian cannabis company swiftly becoming one of the most talked-about stocks of the year, was up as much as 50 percent on Wednesday morning, leading a continued bull run in pot stocks and putting its market cap above established companies like Macy's and Viacom.
Tilray President and CEO Brendan Kennedy [said](https://www.cnbc.com/2018/09/18/tilray-ceo-investing-in-pot-great-hedge-for-alcohol-drug-companies.html) on Tuesday that pharmaceutical and alcohol companies need to consider partnering with cannabis suppliers as a hedge against their core businesses. Those comments, along with the halo effect of Tilray saying it earned approval to provide medical marijuana for a U.S. clinical study, helped send shares over $200 apiece ー they debuted on the Nasdaq at $17 just two months ago.
Citron Research, whose bearish bets on stocks can be market-moving, [tweeted](https://twitter.com/CitronResearch/status/1042395769372909568) on Wednesday morning that Tilray's run is "beyond comprehension" and that it will continue to be short the stock "until rationality sets in." That followed another less-than-favoratble [piece](https://www.barrons.com/articles/marijuana-stocks-coca-cola-aurora-1537235413) from Barron's that said, "even the bulls see a bubble."
But with the legal sales of cannabis in Canada now less than a month away ー and investors jockeying for position ー the sector could continue on its high, at least in the short-term. Shares of both Canopy Growth and Aurora Cannabis have also seen double-digit percent increases since they've received interest from Constellation and Coca-Cola, respectively.
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Swedish buy now, pay later company Klarna is making its highly anticipated public debut on the New York Stock Exchange Wednesday, the latest in a run of high-profile initial public offerings this year. The offering priced at $40 Tuesday, above the forecasted range of $35 to $37 a share, valuing the company at more than $15 billion. The valuation easily makes Klarna one of the biggest IPOs so far in 2025, which has been one of the busier years for companies going public. Other popular IPOs so far this year include the design software company Figma and Circle Internet Group, which issues the USDC stablecoin..
Oracle co-founder Larry Ellison wrested the title of the world’s richest man from longtime holder Elon Musk early Wednesday as stock in his software giant rocketed more than a third in a stunning few minutes of trading. That is according to wealth tracker Bloomberg. A college dropout, the 81-year-old Ellison is now worth $393 billion, Bloomberg says, several billion more than Musk, who had been the world’s richest for four years. The switch in the ranking came after a blockbuster earnings report from Oracle. Forbes still has Musk as the richest, however, valuing his private businesses much higher.
