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. 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. "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."

Source: CNN January 11, 2019 14:42 UTC