Canadian marijuana producer Tilray reported mixed third-quarter earnings after the close Tuesday. Revenue beat expectations but losses were larger than expected with higher costs and lower average selling prices. $TLRY rose over 2% on the report.
California is considered the world’s largest marijuana market and it’s legal cannabis market is currently on track to grow 23% in 2019 to $3.1 billion and to reach $7.2 billion in 2024, a 19% compound annual growth rate (CAGR) over the next five years.
Canadian marijuana producer Tilray reported mixed second-quarterearnings aftet the close Tuesday. Revenue beat expectations but losses were larger than expected with huigher costs and lower average selling prices. $TLRY slid over 5% on the report.
Canadian marijuana firm Canopy Growth Corp. (WEED $TSX -CGC $NYSE) reported worse than expected third quarter earnings before the open Wednesday. $CGC was down over 11% by lunchtime as higher expenses and a miss on revenue despite the legalisation of recreation pot in Canada.
Timing is everything, in a week where Australia’s balance of trade was a surprise deficit and U.S. Attorney General Jeff Sessions moved to dismantle American Medical Marijuana, Australia moved to become the world’s biggest supplier.