Ballooning pot stocks are now bigger than Chipotle and Macy’s

Cole Burston | Bloomberg | Getty Images

An employee pulls out a tray of drying cannabis buds at the CannTrust Holding Inc. Niagara Perpetual Harvest facility in Pelham, Ontario, Canada, on Wednesday, July 11, 2018. 

Wall Street’s obsession with marijuana stocks has propelled industry leaders to lofty market valuations that now rival those of household names like Macy’s and Chipotle.

which soared more than 50 percent Wednesday, has seen its market capitalization rocket to over $14 billion as its share price adds to a 400 percent rally over the past month.

Rival pot companies Canopy Growth and Aurora Cannabis have ballooned 52 percent and 71 percent, respectively, over the same period. Those stocks rose 7.1 percent and 13 percent Wednesday.

_{Source: FactSet}

The ascent now puts Tilray among the likes of casino operator Wynn Resorts, robo-advisor E-Trade and ale brewer Molson Coors. Despite the surge in valuations, Tilray posted just $9.7 million in net sales last quarter.

Tilray and Canopy are now both larger than Michael Kors, Macy’s and Gap.

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