16:57:05 EDT Thu 28 Mar 2024
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Cannabis Summary for Jan. 9, 2023

2023-01-09 20:27 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost a fraction to 31.80, while the CSE Composite Index lost 2.97 to 196.25. Canadian cannabis grower Tilray Brands Inc. (TLRY) lost 32 cents to $3.64 on 3.62 million shares, as it kicked off the week with a fumble. Investors found themselves disappointed (not for the first time) with its latest quarterly financials, covering the fiscal second quarter ended Nov. 30.

For the quarter, Tilray took in revenue of $144.1-million (U.S.), a decrease from $153.2-million (U.S.) in the prior quarter and a miss relative to analysts' predictions of $155-million (U.S.). Adjusted EBITDA also fell quarter over quarter, to $11.7-million (U.S.) from $13.5-million (U.S.), and fell short of analysts' predictions of $16-million (U.S.). Tilray tried to lift investors' spirits by emphasizing that it has now enjoyed positive adjusted EBITDA for 15 quarters in a row. True profits, alas, remain out of reach, with Tilray posting a net loss of $61.6-million (U.S.) or 11 U.S. cents a share, wider than analysts' predictions of a loss of six U.S. cents a share.

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