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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index added 2.19 to 40.24, while the CSE Composite Index lost 1.53 to 280.51. Canadian cannabis grower Tilray Brands Inc. (TLRY) added 49 cents to $4.67 on 4.06 million shares, pleasing investors with its financial results for the fiscal year ended May 31. Considering that the stock spent the prior week falling to $4.18 from $5.08, today's rally likely included a healthy dose of relief that the numbers were not worse.

It is, of course, easier to exceed expectations when they are low to begin with. Analysts were predicting that Tilray would take in revenue of $151.4-million (U.S.) in the fiscal third quarter, which would have been a slight decrease from $152-million (U.S.) in the third quarter. Instead, revenue went the other direction -- if still only slightly -- and came in at $153.3-million (U.S.). Adjusted EBITDA also improved to $11.5-million from $10.1-million, surpassing analysts' predictions of $10.7-million.

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