Marijuana stocks reported mixed results Monday, as Tilray’s (TLRY) Q2 loss was far worse than forecasts, while Canadian cannabis giant Canopy Growth (CGC) beat fiscal Q1 views.
Estimates: Wall Street expects Tilray to lose 27 cents per share. Revenue was expected to climb 21% to $55.32 million.
Results: Loss of 66 cents a share on revenue of $50.4 million, up 10% from a year ago but down 3.2% from Q1 due to coronavirus-related stockpiling in March that drew purchases forward, temporary closures in Ontario, the shift to curbside pickup or delivery, and the limited number of retail locations added in Q2.
Net losses included a $18.6 million inventory valuation adjustment, a charge of $28.4 million for impairment of assets, $11.2 million impact of the change in fair value of warrant liability, offset by $13.3 million of foreign exchange gain.
Maryscott Greenwood will resign from the board Sept. 30. Soren Schroder has been named to the board and has served at agriculture companies Cargill and Bunge (BG).
Tilray stock sank 9.7% late after closing up 6.8% at 7.97. The stock has a 10 Composite Rating and a worst-possible 1 EPS Rating. [Read More @ Investor Business Daily]
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