At the opening of trading on January 10, the shares of one of the largest manufacturers of Cannabis – Canadian Tilray – jumped by 22 percent. According to NASDAQ, securities rose to 7.84 dollars per piece.
It happened after the company published a report. Tilray reported Profit in the amount of 3 cents per share in the second quarter, while analysts have expected a loss of 9 cents per share. It also became known that the company’s revenue increased by 20 percent – $ 155 million – according to the results of the second quarter, which ended on November 30. However, analysts expected growth to 170.55 million dollars.
Shares of other major Canadian cannabis manufacturers, including Canopy Growth Corp, Hexo Corp and Cronos Group Inc, increased by 2-6 percent after Tilray report.
Irwin’s chief executive officer Syonon explained to the place of market saturation, Reuters notes. The company’s net profit amounted to 6 million dollars compared to a loss of $ 89 million a year earlier.
Suddenly good financial results in Tilray tied the policy of savings. After the merger with Aphria and the creation of the largest cannabis manufacturer in the world in terms of sales, the company promised to further reduce costs of $ 20 million.