|Bid||28.21 x 1400|
|Ask||28.44 x 800|
|Day's Range||28.28 - 29.60|
|52 Week Range||28.28 - 300.00|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||64.40|
Tilray, Inc. , a global pioneer in cannabis research, cultivation, production and distribution, today announced that Brendan Kennedy, President and Chief Executive Officer, and Andrew Pucher, Chief Corporate Development Officer, will present at the Barclays Global Consumer Staples Conference.
Tilray (TLRY) stock rose 10.4% on Wednesday. According to Bloomberg, the company expects to be profitable in Canada in the next quarter or two.
(Bloomberg) -- Tilray Inc. will be profitable in Canada in the “next quarter or two” and in Europe in the next two to three quarters, according to Chief Executive Officer Brendan Kennedy.“We’ll continue to invest in new regions and new countries, but on an existing basis in terms of our existing footprint, we see profitability within the next half year to year,” Kennedy said in an interview on Bloomberg TV.The pot producer’s stock jumped as much as 8.9% following Kennedy’s comments. It had lost 36% over the previous five sessions after Tilray reported a wider-than-expected loss of $17.9 million before interest, taxes, depreciation and amortization.Kennedy said last week that the industry is still in a growth phase and “you’d be constraining yourself if you were focused on profitability at this point.”Investors, however, are increasingly rewarding cannabis companies that turn a profit, or at least show a path to profitability, and punishing those that don’t. Canopy Growth Corp. fell 14% last Thursday after CEO Mark Zekulin said it won’t report a net profit for three to five years.To contact the reporters on this story: Kristine Owram in Toronto at firstname.lastname@example.org;Ed Hammond in New York at email@example.comTo contact the editors responsible for this story: Brad Olesen at firstname.lastname@example.org, Divya BaljiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Tilray, Inc. (TLRY), a global pioneer in cannabis research, cultivation, production and distribution, today announced it has entered into an agreement with Cannamedical Pharma GmbH (“Cannamedical”) through its wholly-owned subsidiary Tilray Portugal Unipessoal Lda.
Despite mostly equal marijuana usage rates along racial lines, the boards at the top marijuana companies are still shockingly white.
President Trump hasn’t shared his views on marijuana yet. Many Democratic candidates have chosen marijuana legalization as a political platform.
Bernie Sanders tweeted his support for legalizing marijuana nationally and expunging past marijuana convictions. How could this impact cannabis stocks?
(Bloomberg) -- The leaders have become the laggards.Canopy Growth Corp. and Tilray Inc., trailblazers for the global cannabis industry, last week reported disappointing results and indicated that profitability is a long way off, sending both stocks to double-digit declines.Meanwhile, some smaller names are racking up breakout quarters demonstrating the breadth of the industry.Supreme Cannabis Co. said it expects to report positive adjusted earnings before interest, taxes, depreciation and amortization in the quarter ended June 30 when it releases results on Sept. 17. Analysts were expecting a loss and the shares jumped 16% in response.MediPharm Labs Corp. reported a small net income and revenue of C$31.5 million, which GMP Securities analyst Ryan Macdonell estimated is the fifth highest in the Canadian industry. “This achievement is particularly impressive considering Q2/19 is MediPharm Labs’ third quarter of sales,” Macdonell said in a note.And Pure Sunfarms Corp., which is jointly owned by Village Farms International Inc. and Emerald Health Therapeutics Inc., reported a net income of C$37.2 million, the biggest to date in the industry.Short GusherPerhaps it’s not surprising then that Canopy and Tilray are two of the most-shorted cannabis stocks and the biggest money makers for the counterparties who loan out their shares to short sellers.Financial analytics firm S3 Partners compiled a list of the stocks with the largest daily earnings from short sellers, who pay a fee based on the number of shares shorted, the price of the stock and its borrow fee.Canopy was second on the list, and 10 of the top 50 were cannabis-related stocks. Lending out Canopy’s U.S.-listed shares earns $719,557 a day and its Canadian shares earn an additional C$161,112. Tilray makes its stock lenders $295,116 a day.However, that pales in comparison to first-place Beyond Meat Inc., which earns $1.8 million a day.Black MarketCanopy’s less than stellar results included an unexpected revenue decline that was one of only two reported so far this quarter, according to Cowen & Co. analyst Vivien Azer. (The other one was Organigram Holdings Inc., which attributed the drop to “changes in growing protocols” that affected yields and have since been corrected.)One of the problems was a surplus of oils and softgels at provincial wholesalers, which forced Canopy to record an C$8 million provision for potential product returns.Soft demand for oil products across the industry was “a bit concern,” Cowen’s Azer said.Canopy also appears to have significantly underestimated the demand for products that contain a lot of THC, the cannabis compound that gets you high. To make up lost ground, Canopy shifted its mix of strains and over 70% of its harvest in the quarter was high in THC, Chief Executive Officer Mark Zekulin said in an interview Thursday.The lack of high-THC products may be part of the reason a large percentage of consumers remain in the black market. Statistics Canada released data last week that found 42% of cannabis consumers bought at least some of their pot from illegal sources in the second quarter.Store ScarcityAnother problem is the lack of retail stores in Canada’s two most populous provinces, Ontario and Quebec. While Ontario has roughly one store for every 600,000 people and Quebec has roughly one store for every 500,000 people, Colorado has one for every 10,000 people.Zekulin described the situation as a “chicken-and-egg scenario,” where the provinces were reluctant to open more stores until they knew they could secure more high-THC product, while the companies were waiting for more stores in which to sell their products.More stores are on the way, indicating that shortages are easing. Ontario this week will hold a lottery for 42 new cannabis retail licenses with the first newcomers anticipated to open in October.Upcoming Events This WeekTUESDAY 8/20Ontario holds a lottery for 42 new cannabis retail store licenses, with results to be announced within 24 hoursWEDNESDAY 8/21Cresco Labs Inc. reports earnings post-market with a call scheduled for 5 p.m. New York timeLast Week’s Top StoriesCanopy CEO Sees Revenue Rebound After Weak Quarter Batters StockTilray CEO Says Focus on Profitability is ‘Constraining’Bizarre Pot Stock Moves May Be Linked to Blockbuster ETF TradesCannTrust Plunges After Agency Finds More Breaches of Pot RulesAcreage Aims to Bring Canopy’s Tweed Pot Stores to CaliforniaLender to Fund Container Pot Shops on Canadian Indigenous LandsLuxe Lifestyle Brands Eye Legal Cannabis as New Revenue StrainTo contact the reporter on this story: Kristine Owram in Toronto at email@example.comTo contact the editors responsible for this story: Brad Olesen at firstname.lastname@example.org, ;Jacqueline Thorpe at email@example.com, Divya BaljiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The bellwether marijuana stock delivered a very disappointing quarter, and Tilray's latest wasn't much better. Aurora Cannabis, meanwhile, gets to borrow a bit more money.