Tilray stock is taking a bit of a dip on the markets Tuesday, one day after reporting a bigger than expected loss in fourth-quarter results.
Tilray Inc (NASDAQ:TLRY) is a Canadian-based pharmaceutical cannabis company that is listed on the Nasdaq. It is headquartered in British Columbia and operates in Australia, New Zealand, Germany, Portugal and in areas of Latin America.
On Monday, it reported a fourth-quarter loss of U.S. $31 million due to higher than expected costs, which included an number of acquisitions and partnerships.
But drilling down on the details also shows higher-than-expected revenues of U.S. $15 million. Sales almost tripled in the quarter, which included the first two full months following the legalization of marijuana in Canada. The results also point to the potential of the growing world medical marijuana market.
Tilray stock closed Monday at $72.24 per share, rose in after-market trading to open Tuesday at $75.15. By noon on Tuesday, the stock was at $70.57. The company has a market capitalization of $7.77 billion.
"We are still in the early stages of the global transformation of $150-billion worldwide industry," Tilray CEO Brendan Kennedy reportedly told investors on a conference call late Monday. "We believe that over the long-term companies such as Tilray with the portfolio of trusted brands powered by multinational supply chains, will win the market by earning the confidence of patients, consumers and governments around the world."
Last month, in the first quarter of 2019, Tilray continued to grow through key acquisitions, including the $277.5 million CAD acquisition of Manitoba Harvest, a Canadian-based hemp producer.
In December, Tilray partnered with Anheuser Busch Inbev (BR:ABI) NV ADR (NYSE:BUD), maker of Budweiser, Corona and Stella Artois beers, to research the making and marketing of beverages infused with cannabis ingredients.