Michael Gorenstein, CEO of Cronos Group
Video Ad Feedback
Cronos CEO: 'Watershed moment' for marijuana
06:11 - Source: CNN Business
Marijuana in America 16 videos
Michael Gorenstein, CEO of Cronos Group
Video Ad Feedback
Cronos CEO: 'Watershed moment' for marijuana
06:11
Now playing
- Source: CNN Business
pot yoga vegas 2
Video Ad Feedback
Pot yoga: Highly relaxing and then some
00:59
Now playing
- Source: CNN
orig jr brain on weed
Video Ad Feedback
Your brain on weed
01:39
Now playing
- Source: CNN
synthetic weed 2
Video Ad Feedback
The dangers of synthetic marijuana
01:22
Now playing
- Source: CNN
An Israeli agricultural engineer inspects marijuana plants at the BOL (Breath Of Life) Pharma greenhouse in the country's second-largest medical cannabis plantation, near Kfar Pines in northern Israel, on March 9, 2016. The recreational use of cannabis is illegal in the Jewish state, but for the past 10 years its therapeutic use has not only been permitted but also encouraged. Last year, doctors prescribed the herb to about 25,000 patients suffering from cancer, epilepsy, post-traumatic stress and degenerative diseases. The purpose is not to cure them but to alleviate their symptoms. Forbidden to export its cannabis plants, Israel is concentrating instead on marketing its agronomic, medical and technological expertise in the hope of becoming a world hub in the field. / AFP / JACK GUEZ (Photo credit should read JACK GUEZ/AFP/Getty Images)
Video Ad Feedback
Why weed is stuck in a legal limbo
02:28
Now playing
- Source: CNN
John Lustig and his wife Anne learn about cannabis lotions
Video Ad Feedback
Seniors get on board the Cannabus
02:36
Now playing
- Source: CNN
GO WITH AFP STORY by Desiree Martin A picture taken on April 12, 2013 shows plants of marijuana at the plantation of the Sibaratas Med Can association in Mogan on the southwest coast of the island of Gran Canaria. The plants grow from cuttings for approximately two months and then blossom before being harvested, dried, stored in jars for a month and later processed to be consumed on site. Spanish law prohibits the possession of soft drugs like cannabis in public and its growth to be sold for profit is illegal. But the law does tolerate growing cannabis for personal use and its consumption in private. Dozens of private marijuana smoking clubs operate across Spain that take advantage of this legal loophole that serve cannabis users who do not want to get their drugs from the streets. AFP PHOTO / DESIREE MARTIN (Photo credit should read DESIREE MARTIN/AFP/Getty Images)
Video Ad Feedback
Will recreational marijuana soon be legal nationwide?
02:11
Now playing
- Source: CNNMoney
marijuana plants
Video Ad Feedback
The weed distributor fighting 'big marijuana'
02:35
Now playing
- Source: CNNMoney
nfl marijuana use goodell fitzgerald bts_00001009.jpg
Video Ad Feedback
Goodell addresses NFL ban on marijuana use
00:48
Now playing
- Source: CNN
20180104 marijuana sessions repeal
Video Ad Feedback
California pushing back on Sessions' pot memo
02:00
Now playing
- Source: CNN
AG Sessions, Rosenstein, Gore Civil Rights Ceremony
Video Ad Feedback
Sessions to rescind Obama-era marijuana policy
01:47
Now playing
- Source: CNN
Jeff Sessions NAAG remarks medical marijuana_00004720.jpg
Video Ad Feedback
Sessions: Marijuana won't fix opioid epidemic
01:12
Now playing
- Source: CNN
california weed vs whiskey sidner pkg _00001109.jpg
Video Ad Feedback
Will weed be bigger than whiskey?
04:07
Now playing
- Source: CNN
cabrera potent pot 01
Video Ad Feedback
Designer marijuana boost THC potency
02:24
Now playing
- Source: CNN
marijuana edibles high profits_00000130.jpg
Video Ad Feedback
Is eating marijuana riskier than smoking it?
01:09
Now playing
- Source: CNN
history medical marijuana orig nws_00003424.jpg
Video Ad Feedback
The quick hit history of medical marijuana
01:56
Now playing
- Source: CNN
New York CNN Business  — 

Canadian cannabis company Tilray soared Friday after Privateer Holdings, the investment firm backed by Peter Thiel’s Founders Fund, said it had no plans to sell its 75 million shares any time soon.

Thiel, the billionaire most well-known for being the co-founder of PayPal (PYPL) and the secretive big data unicorn Palantir, first invested in Privateer in 2014 through his Founders Fund.

Investors had worried Privateer might start to dump its Tilray stock once that so-called lockup period expired that would allow Privateer to sell shares. Tilray’s stock is down about 70% from the all-time high it hit last July following its debut on Wall Street.

But Privateer put those fears to rest Friday.

“Privateer Holdings strongly believes in Tilray’s long-term global growth strategy and pioneering role in shaping the future of the legal cannabis industry,” said Michael Blue, managing partner of Privateer in a statement. “Given this, we do not have plans to register, sell or distribute the shares Privateer holds in Tilray during the first half of 2019.”

Tilray (TLRY) surged more than 20% on the news. The company has a deal with Budwesier brewer Anheuser-Busch InBev (BUD) to work on cannabis-based drinks in Canada and a partnership with Novartis (NVS) subsidiary Sandoz for medical marijuana.

01 canopy growth FILE
Chris Wattie/Reuters

Related article More big consumer companies will bet on pot this year

Marijuana stocks have been extremely volatile in the past few months, following the legalization of recreational pot in Canada in October and votes in a few US states in November to legalize recreational and medical use of marijuana.

But several cannabis companies have attracted the interest of larger consumer firms. Beer and wine giant Constellation Brands (STZ), which owns Corona, has made a $4 billion investment in Canopy Growth (CGC). And Marlboro maker Altria (MO) recently bought a 45% stake in Canada’s Cronos (CRON).

It wasn’t all good news for cannabis companies on Friday. Aphria (APHA), another pot stock based in Canada, reported that its sales missed forecasts and announcing that its CEO and co-founder would both be stepping down. Still, its stock rose 8%.