Tilray surges in premarket trading
Tilray (TLRY) is making new highs this morning, with the company rising nearly 21% to $97 in the premarket trading session. The company’s pop has come as the result of a statement made by private equity company Privateer Holdings, which stated that it would continue to hold TLRY shares through the first half of 2019.
Aphria reports earnings
Earlier this morning, Aphria (APHA) reported its second-quarter earnings results. The company reported net sales of 21.7 million Canadian dollars, missing analysts’ estimate of 38.8 million Canadian dollars. Its sales totaled 8.5 million Canadian dollars in the corresponding quarter a year ago in 2017. Nonetheless, the company saw sales growth of 154% and stated that the initial sales of recreational cannabis (HMMJ) had given its revenue a boost in the second quarter.
The company’s adjusted gross margin contracted over the same period to 46.9% from 67.7% year-over-year, while it reported an adjusted EBITDA of -0.5 million Canadian dollars.
Another key point Aphria made in its earnings call was that the company’s CEO, Vic Neufeld, and its cofounder, Cole Cacciavillani, would be transitioning out of their roles in the coming months.
Aphria was down 3% in the premarket trading session. Cronos (CRON) was also trading 46 basis points lower, and Canopy Growth (WEED) was down 84 basis points.