Highlights
- Tilray Inc (TSX:TLRY) is creating a buzz on the stock markets following some recent developments in its cannabis business.
- Its stocks, however, plummeted was down by about four per cent at market close on Tuesday, February 22, despite this announcement.
- The cannabis company saw its net revenue grow 20 per cent year-over-year (YoY) to US$ 155 million in Q2 FY2022.
Tilray Inc (TSX: TLRY) is creating a buzz on the stock markets following some recent developments in its cannabis business.
Its stocks, however, plummeted was down by about four per cent at market close on Tuesday, February 22, despite this announcement.
Before looking into its stock health, let us talk about Tilray’s financial performance in Q2 FY2022.
Tilray Inc (TSX: TLRY) financial performance in Q2 FY2022
The cannabis company saw its net revenue grow 20 per cent year-over-year (YoY) to US$ 155 million in Q2 FY2022.
Tilray also saw its second-quarter net profit improve notably to US$ 5.79 million in fiscal 2022, as compared to a loss of US$ 89.24 million a year ago.
Image source: © 2022 Kalkine Media Inc
Tilray, in January this year, announced the expansion of its medical cannabis footprints in Australia. In addition, it launched a medical cannabis e-learnings platform for healthcare professionals in Australia and new Zealand to enhance their knowledge about medical cannabis usage.
The C$ 3-billion market cap cannabis producer, on February 8, launched a global medical platform named Tilray Medical to consolidate Tilray and Aphria’s medical businesses in order to serve patients with broader access to its medical cannabis brands and products.
On February 9, the company stated that its subsidiary, SweetWater Brewing Company, has expanded in California with Reyes Beer Division as its distributor.
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On February 22, SweetWater said it plans to continue its westward expansion in California by entering Washington and Oregon with Columbia Distributing as a distributor.
Tilray Brands launched its Good Manufacturing Practice (GMP)-certified medical cannabis products in Malta, Europe, on February 17.
Tilray Brands (TSX:TLRY) stock performance
Tilray stock closed at C$ 7.79 per share on Tuesday, noting a daily trade volume of 1.37 million. The pot stock climbed about seven per cent in the past one month.
The cannabis stock gained almost three per cent in the pre-market hours on Wednesday, February 23, at 8:17AM EST.
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Bottomline
Some experts believe that Tilray stock is struggling despite the rapid expansion of its cannabis footprints mainly due to the prevailing market conditions and economic factors like inflation.
However, considering its business expansion and growth strategies, Tilray could eventually turn into a major player in the cannabis world. Nonetheless, investors should mind the market environment and their risk capacity while making any investment decision.