Tilray Options Trading Suggests This Much Upside

On CNBC's "Options Action," Mike Khouw said that Tilray Inc TLRY on Thursday had more than twice the average daily volumes of transactions.

The most active options were the options that expire over the next week, with 12,500 of 12-calls at an average price of 57 cents per share. The action suggests Tilray’s stock could rally more than 9% by end of October.

See Also: What's Next For Tilray Shares After Surge?

"Fast Money" trader Tim Seymour said Tilray had rallied around 21% over the past three days and with high volumes. People have been critical about Canadian LPs, which makes sense for cannabis companies, as they're not really profitable in the current tax regime, he stated.

Seymour added, however, that Tilray was a “strong brand story.”