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Why Cannabis Giant Tilray (TLRY) Skyrocketed Today
Shares of Tilray (TLRY - Free Report) closed sharply higher in Wednesday’s trading session, gaining 25.8% after reporting mixed fourth-quarter earnings results.
Today’s results are the first since Tilray merged with Aphria in May. GAAP earnings hit $0.18 per share, but revenue of $142.2 million fell slightly short of Street expectations. Free cash flow grew to $3.3 million compared to cash burn of $28.3 million in the year-ago quarter.
Other marijuana stocks like Canopy Growth (CGC - Free Report) , Cronos Group (CRON - Free Report) , Aurora Cannabis (ACB - Free Report) , and Hexo all rallied today as well.
Wednesday’s move higher comes after a down week last week for marijuana stocks. A barrage of negative headlines spooked investors as two competing legalization bills make their way through the U.S. House & Senate.