Tilray Sales Beat Estimates but Shares Turn Lower

Martin Baccardax - finance.yahoo.com Posted 5 years ago

shares turned lower Tuesday after the Canadian cannabis group posted a wider-than-expected fourth-quarter loss but said sales nearly tripled in a growing global market for medical marijuana. "We are still in the early stages of the global transformation of $150 billion worldwide industry," Tilray CEO Brendan Kennedy told investors on a conference call late Monday. Kennedy, however, also noted that gross margins for the fourth quarter were nearly a third the rate of the previous period, as just 20%, thanks to increased procurement costs and taxes for medical patients.

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