It was an amazing high, but the comedown was brutal.

Shares of Peter Thiel-backed marijuana grower Tilray soared as much as 94 percent on Wednesday, briefly hitting a market value of $28 billion, as bullish comments from the company’s chief executive stoked Wall Street’s growing euphoria over marijuana stocks.

But late in the afternoon, the shares crashed, falling briefly into negative territory before spiking in the final minutes to close the day at $214.06, up 38 percent. Traders blamed the wild ride, marked by at least four halts for volatility, on a short squeeze as pot-addled investors tried to get their heads around the budding business of legalized weed.

Despite the bumpy day, shares of the Canada-based pot farmer — which are up 10-fold from their debut on the Nasdaq in July — closed with a market capitalization of $19.93 billion, bigger than Expedia, Dish Networks and Mylan. Twitter, which briefly got eclipsed by Tilray, closed Wednesday with a market cap of $22.3 billion.

Thiel, the libertarian tech tycoon who backed Donald Trump in 2016, is rolling in the green thanks to Tilray’s runup. Pot-focused private equity fund Privateer Holdings, in which Thiel is a big investor, owns 76 percent of Tilray’s stock — making the fund’s stake worth roughly $15 billion.

Elsewhere on Wednesday, NYSE-listed shares of Canopy Growth, which recently got a $3.8 billion investment from Corona brewer Constellation Brands, lost 4.9 percent, giving it a market cap of $11.3 billion. Aurora Cannabis, which this week was reportedly in talks with Coca-Cola about developing a cannabis-infused drink, saw its shares slide 0.8 percent in over-the-counter markets, valuing the company at $8.07 billion.

Tilray CEO Brendan Kennedy argued on CNBC that big pharma firms and the alcohol industry will soon be forced to partner with cannabis companies as a “hedge” against the growing popularity of legalized weed for medical and recreational use.

“Cannabis is a substitute for prescription painkillers, prescription opioids, and so if you’re an investor in a pharmaceutical company or you’re a pharmaceutical company, you have to hedge the offset from cannabis substitution,” Kennedy said.

Kennedy’s interview came after Tilray announced on Tuesday that the US Drug Enforcement Administration approved one of its cannabis strains to be used in a clinical study to test its efficacy in treating essential tremor, a nervous disorder characterized by involuntary shaking, usually in the hands or voice.

Kennedy predicts more joint ventures in the industry — especially with alcohol companies that are expected to face stiff competition if recreational cannabis becomes more widely legal.

“This is a global opportunity,” Kennedy said.

Currently, nine states and the District of Columbia allow cannabis for recreational use, although US Attorney General Jeff Sessions has warned it remains illegal at the federal level.