- Tilray stock is up 9%, while Sundial jumped 22% in Thursday’s pre-market trading.
- Amazon will support marijuana legalization in the US.
U.S.-listed pot stocks have again come to the limelight after Amazon.com Inc. (NASDAQ: AMZN) said it will back marijuana legalization in the U.S.
The e-commerce giant will support the MORE Act (Marijuana Opportunity Reinvestment and Expungement Act of 2021). Over 15 states have already legalized marijuana for adult use.
Here, were explore two cannabis stocks on NASDAQ, Tilray, Inc. (NASDAQ: TLRY) and Sundial Growers Inc. (NASDAQ: SNDL), which gained momentum recently.
The Canada-based cannabis-lifestyle and consumer packaged goods company, offering dried cannabis, cannabis extracts and hemp products.
Tilray completed the combination of cannabis producer Aphria on May 3 and started trading on the Toronto Stock Exchange on May 5.
The company reported a net loss of US$340.9 million during the quarter ended March 31, wider than the US$184.1 million loss in the year ago quarter.
Revenue during the period declined 8 percent US$48 million. Canada region contributed US$27.2 million in its revenue. It generated US$11 million from the US.
Tilray has a market capitalization of US$8.47 billion on NASDAQ. The stock jumped over 125% YTD and 88% in the last one year. Its 52-week trading range was US$4.41-US$67.00.
Tilray rose approximately 12 percent to close at US$19.00 on Wednesday. The stock was up 9.1 percent in the pre-market trending on Thursday.
Sundial Growers Inc.
Sundial Growers produces and sells cannabis in Canada. It owns brands like Top Leaf and Sundial Cannabis. Sundial recently bought Inner Spirit Holdings, which owns Spiritleaf recreational cannabis stores.
In the first quarter ended March 31, Sundial saw its net revenue declined 29 percent year over year to C$9.8 million. Net loss swelled to C$134.4 million, compared with C$43.9 million loss in the year-ago period.
Sundial has a market capitalization of US$2.10 billion. The stock soared 133% YTD and 34% in the last one year. The stock traded in the range of 13.8 cents to US$3.96 in the 52-week period.
Sundial’s shares closed at US$1.13 on Wednesday, up 13 percent. On Thursday’s pre-market trading, the stock jumped 22 percent.