Tilray Brands, Inc. (TLRY) is a leader in the international cannabis lifestyle and consumer packaged goods that are changing the lives of people for the better. Its goal is to be a reliable companion for the patients and customers by providing them health and wellbeing through beat-quality innovative products.
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TLRY stock price during the regular trading session of March 24, 2022, was $6.97 with a phenomenal rise of 21.8%. Its price rocketed further as of the writing in the aftermarket session by 17.6%.
TLRY: Events and Happenings
The analysts observed that the mounting stock of TLRY is likely attributed to the Marijuana Opportunity Reinvestment and Expungement Act put on the list of bills by the US House of Representatives to be taken up on the House floor next week. On March 24, 2022, TLRY announced the unveiling of Renew Moonlight, which is a new cannabinoid vape pen used for nighttime by Solei. The CBN vape pen has a potency of 4:1 THC and CBN, blended with citrus and herbal aromas.
On March 17, 2022, TLRY updated on the expansion of Tilray Medical to medical cannabis offering and the launch of the initial EU GMP cannabis oil products in Malta in pharmacies. On March 03, 2022, TLRY stated the proposed contracts for collaboration with HEXO Corp. The collaboration brings two top cannabis market share leaders together establishing their respective positions and improving the manufacturing efficiencies.
TLRY: Key Financials
TLRY issued its second-quarter 2022 financial results on January 10, 2022, for the three months ended November 30, 2021. Some notable aspects are discussed here.
The company posted net revenues of $155 million during Q2 2022 against $129 million in the corresponding second quarter of 2021. Its net revenue increased by approximately 20% YoY along with missing the expectations by $15.6 million
Basic and diluted net earnings in the second quarter of 2022 were $6 million or $0.00 per share as compared to a net loss of $89 million or $0.41 per share in the corresponding quarter of 2021. Its EPS increased considerably YoY along with surpassing the EPS estimates by $0.08.
TLRY stock down performed by 70% in the past year. The company’s stock gained a much-needed pace in Thursday’s aftermarket trading as the reports were circulating regarding a potential federal legalization vote. For Q3 2022, the expectations of the revenue by the company are $160.3 million against EPS -$0.09.