Cannabis stocks cratered as the industry rally comes to an end

Cannabis stocks fell sharply on Thursday, with many of the industry’s best performers a day earlier yielding all of those gains. Tilray Inc. TLRY,
-41.89%
finally fell 40%, while Aphria Inc. APHA,
-30.04%
APHA,
-28.50%,
with which it is merging, fell 27%. Cannabis stocks and other names have been targeted by the same group of investors in a subgroup of Reddit that spawned the stocks of video game retailer GameStop Inc. GME,
-5.71%
climb to dizzying heights in recent weeks. These investors were encouraged on Wednesday to make Tilray the new GameStop, creating a small squeeze in the shares. Participants in the Reddit group, called Wallstreetbets, regretted the turnaround on Thursday, with some suggesting selling cannabis stocks and using the funds to buy shares in the Bumble Inc. BMBL dating app,
,
who was making his debut in the stock market. Cannabis ETF THCX,
-21.01%
fell 15.5%.