The cannabis sector has burned to ashes over the past few months with Canopy Growth Corporation (NASDAQ: CGC) making a new 52-week low and Tilray Inc (NASDAQ: TLRY) trading in a downtrend that that may bring it there.
On Oct. 7, the cannabis giant reported 43% growth year-over-year but missed consensus estimates. Tilray briefly popped following its earnings print but the bulls weren’t strong enough to buck the downtrend and the bears pushed the stock lower still.
Short interest on Tilray’s stock has increased recently with 38.96 million shares, meaning 8.82%, of Tilray’s 441.38 million share float held short. The number is up from 34.15 million in August.