United States

Cannabis company stock soars after Thiel-backed fund says it won’t sell shares

Shares of pot grower Tilray soared as much as 26 percent on Friday after a fund backed by Silicon Valley billionaire Peter Thiel said it has no immediate plans to sell any of its 75 million shares. The announcement helped chill out investors who had been seriously concerned that the Thiel-backed Privateer Holdings, a PE firm that invests in the legal cannabis industry, would sell the volatile stock as soon as it was able. Tilray is down more than 60 percent since mid-September but up 500 percent since its July IPO. “Privateer Holdings strongly believes in Tilray’s long-term global growth strategy and pioneering role in shaping the future of the legal cannabis industry,” managing partner Michael Blue said of the decision. “Giv ...