A stock goes up when someone buys it and down when someone sells it. Valuations based on financial numbers work only if decisions to buy or sell are also based on that framework. In this case people are buying based on the felling that this is "the next big thing" without looking at the numbers. So, since people keep buying, the stock keeps going up. They will get slaughtered, but it will take time.

Short squeeze dynamics can cause a stock price to diverge significantly from fundamentals. There are limits to what can be arbitraged, and that may be what is happening in this case. https://www.marketwatch.com/story/tilray-is-the-poster-boy-o...

There are not many shares available (mostly locked up by insiders) and the whole sector is the new bitcoin for retail traders. Call it the Robinhood effect. It's going to be ugly when it pops.

There are a bunch of weed stocks with these same types of numbers. See weed.to and Aurora Cannibis. It's mostly speculation as to what the market might become. Like a startup forecasting numbers tends to be worth more than one that is actually in the market.

"Market cap" = #traded shares X share price. It does not reflect any real value short term, only the greed/fear state, or where we're at on hype cycle etc.