Tilray turns green after fitting a surprise profit and an exciting new hemp deal into one well-rolled earnings report.
Tilray opened Thursday up nearly 15% before paring those gains to close up 3%, after smashing bottom line estimates with EPS of $0.04 (analysts expected a $0.08 loss) but missing on the top line with revenues of $152m.
Manitoba Harvest, a unit of Tilray, announced a new distribution deal that got investors buzzing. It said its hemp powders will now be available in 300 Amazon-owned Whole Foods stores for the next three months, adding an extra layer of profits to the brand.
Investors are deciding “which horse to get behind” in the event of US federal legalization, which could be on the way given a new bill has just passed in the House. With over 10% of the Canadian cannabis market share, Tilray could be the winning horse, but competition is also getting tougher by the day.
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