What happened

Look out! Members of an (in)famous online message board were hyping several marijuana stocks as high-potential plays on Wednesday. One of their main targets was Aphria (APHA), which rose by 9%. Others soared, like the relatively obscure Clever Leaves Holdings (CLVR 3.45%), up 39%, and OrganiGram Holdings (OGI 1.11%), with a 35% pop.

Others advanced more modestly. Village Farms International (VFF 3.48%) gained 11%, and CBD specialist Charlotte's Web Holdings (CWBHF 3.12%) closed 9% higher.

A hand gripping a marijuana plant.

Image source: Getty Images.

So what

WallStreetBets, the Reddit stock trading group behind the recent GameStop short squeeze, collectively put the squeeze on marijuana stocks. There was lively conversation in the group, particularly about Aphria and Tilray, which have agreed to merge.

Yet neither has an outrageously high percentage of short interest to shares outstanding. In fact, as of late January, Aphria's total short interest actually had been falling -- at that time, said percentage stood at 5% for the stock.

Outside of that, there was discussion on WallStreetBets about arbitrage opportunities in the Tilray/Aphria merger. The latter will own around 63% of the combined company, so there's some arbitrage opportunity in the relative stock prices of the pair.

Now what

Much of this is frenzy. WallStreetBets is suddenly a power on the market, so its mentions and discussion threads are influencing many investors. While the prospects for weed stocks have certainly brightened lately, none deserve 30%-plus pops.

Be very careful here, dear investor, and take the hype with many grains of salt.