Shares of
Tilray
TLRY
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
, Cronos Group
CRON
, Aurora Cannabis
ACB
, and Hexo
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.
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