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The 40% rise in the price of pot stock Tilray this morning, which amounted to a neat $9 billion in a single day's gulp, was about as close to pure reefer madness as you can get without inhaling.

Its $28 million of revenue and $8 millions of net losses in 2017 are now valued at $22.2 billion, which amounts to a nice round multiple of 785X sales!
We do reckon, of course, that occasionally a start-up of true technological brilliance surrounded by patent-protected moats might initially be worth something like that multiple during its early years.
But a dope purveyor which grows the stuff in greenhouses, sells thru pharmacies and on-line, has no patents, no barriers to entry and no material brands--- since the incipient mass market cannabis industry barely exists?

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