Tilray, the cannabis producer, reported first-quarter earnings after the bell on Tuesday.
, the Canadian cannabis producer, reported a first-quarter loss on Tuesday that was wider than analysts forecast, but shares jumped in extended trading as revenue topped expectations.
The rise and fall comes as investing in the cannabis industry has garnered mainstream attention, with a number ofRecreational marijuana is now legal in 10 US states, while medical marijuana is legal in 33. Canada, where Tilray is headquartered, last fallTilray said the total kilogram equivalents sold during the first quarter grew more than twofold compared to the same time last year, to 3,012 kilograms from 1,299 kilograms. At the same time, the average net selling price per gram fell to $5.
Mainstream big-money investors have gotten in on the action. Earlier this year, Jefferies became the second Wall Street investment firm to publish sell-side research on the industry, following Cowen'sMore broadly, Tilray's financial picture may start brightening over the next few quarters, according to analysts, who expect Tilray's losses to narrow slightly over the next three quarters on growing revenue, according to Bloomberg's consensus.
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