The stock of Tilray, Inc. (TLRY) gained in the pre-market after the company announced its results for the 2nd quarter of fiscal 2022 in a press release. The stock of TLRY was valued at $7.23 gaining more than 12% from the previously closed value. At the end of the last trading session, the stock of TLRY closed at $6.42. The volume of the stock traded in the last trading session was around 21.25 million shares.
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Reason for the TLRY stock gain
Tilray, Inc. (TLRY) announced its profitable quarter after which the stock of TLRY gained in the pre-market. The financial of the second quarter of fiscal 2022 are:
- The revenue of the company was $155 gaining more than 20% year-over-year. Last year in the same quarter the revenue was around $129 million.
- The net income saw a significant increase. A net income of $6 million was reported. Last year in the same quarter the company reported a net loss of $89 million.
- The adjusted gross margin in the cannabis segment of the business was 43%.
- The company maintained a number spot in the cannabis market having the largest market share having an impressive portfolio including medical cannabis, cannabis flower, and pre-rolls.
- In the international cannabis market, the company maintained a #1 position in Europe. In Germany, the company has a 20% market share.
- The cost synergies from Aphria-Tilray gained $70 million with cash savings near $36 million. They intend to reach the $80 million synergy goal before the schedule by May 31, 2022. They are also planning to generate a further $20 million in synergies in fiscal 2023.
Effect on the stock gain
The announcement of its financial statement raised its stock value. The investors are taking interest in its stock due to its profitability and its high cannabis market share in Canada and Europe. This increased its demand for the stock.
Conclusion
Investors are seeking cannabis stocks that have the potential to grow in the future. TLRY announced some promising results due to which it could be the next big thing in the cannabis market.
