Why Cannabis Giant Tilray (TLRY) Skyrocketed Today

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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