Cannabis stocks fell sharply on Thursday, and many of the industry’s best results a day earlier yielded all of those gains. Tilray Inc. TLRY,
fell 40% for the last time, while Aphria Inc. APHA,
HERE,
with which it merges, it fell 27%. The shares and other cannabis names have been the target of the same group of investors in a Reddit subgroup that sparked the actions of video game retailer GameStop Inc. GME,
to rise to dizzying heights in recent weeks. Those investors were encouraged Wednesday to turn Tilray into the new GameStop, creating a small stock squeeze. Participants in the Reddit group, called Wallstreetbets, lamented the change on Thursday, with some suggesting selling cannabis shares and using the funds to buy shares of the Bumble Inc. dating app. BMBL,
which debuted on the stock market. The THCX Cannabis ETF,
fell 15.5%.