It looks like cannabis stocks have entered the "meme" stock fray, as shares of Tilray Inc (NASDAQ:TLRY) were last seen up 10.6% at $22.36. Tilray's CEO Irwin Simon is buzzing about the attention from retail investors, saying "We love having them as part of our shareholder base," as he believes their high level of knowledge about the company and its products makes them the perfect investors. In addition, the mini-rally has options traders flooding the cannabis concern, with speculation from both sides of the aisle.

More specifically, calls and puts are being traded at triple the average intraday amount, with 275,000 calls and 30,000 puts crossing the tape already today. Leading the charge are the weekly 6/11 22- and 25-strike calls, with new positions are being opened at both. Buyers of these contracts are expecting more upside for Tilray stock by Friday, when the options expire.

This appetite for calls is nothing new, though. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) TLRY's Schaeffer's 10-day call/put volume ratio of 9.47 ranks in the 72nd percentile of its annual range. This suggests a much healthier appetite for calls over puts of late. However, considering that 43.2% of the stock's total available float is controlled by short sellers, it's possible some of that call buying could be shorts seeking an options hedge against any unexpected upside.

Now actually looks like a nice time to buy premium on the security, too. This is per the stock's Schaeffer's Volatility Index (SVI) of 125%, which ranks in the 15th annual percentile, hinting at low volatility expectations at the moment.

Though still a far cry away from its Feb.10, two-and-a-half year high of $67, Tilray stock boasts a 173.6% year-to-date lead. Today's positive price action also has the equity trading back above the 80-day moving average, marking the first time TLRY is poised to close above the trendline since early April.