Actions of Tilray TLRY closed sharply higher in Wednesday’s trading session, gaining 25.8% after posting mixed results in the fourth quarter.
Today’s results are the first since Tilray’s merger with Aphria in May. GAAP earnings hit $ 0.18 per share, but revenue of $ 142.2 million was slightly below Street’s expectations. Free cash flow was $ 3.3 million compared to cash consumption of $ 28.3 million in the prior year quarter.
Other marijuana stocks like Canopy Growth CGC, Cronos Group CRON, Aurora Cannabis ACB and Hexo HEXO also rallied today.
Wednesday’s rise comes after a week of decline last week for marijuana stocks. A barrage of negative headlines spooked investors as two competing legalization bills made their way through the United States House and Senate.
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Cronos Group Inc. (CRON): Free Stock Analysis Report
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