Tilray Inc (TLRY) was down 17.07% on Tuesday while it has gained 25.83% over the past week.
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The company announced quarterly results on Monday when it missed analysts’ expectation but beat forecasts, reducing losses. Shares of cannabis firm have surged in recent days since citizens in five U.S. states voted on cannabis legalization.
All of the five states have approved cannabis use, irrespective of the type of use, including Arizona, New Jersey and Mississippi, according to NBC News. Oregon voters have voted to eliminate jail terms as a penalty for possession of some other substances in limited amounts including cocaine.
During the campaign, Joe Biden, who received the most votes in the November 3 election, said he supports the decriminalization of cannabis in the U.S. at the federal level, but does not support complete legalization.
A massive market will open up for farmers if sales of medicinal and consumer cannabis goods (drinks, candy, cosmetics) are decriminalized in the U.S.
For its third fiscal quarter, Tilray posted a total loss of $1.5 million or a per share loss of $0.02, better than the $0.21 per share loss as were expecting analysts.
Revenue rose to $51.46 million by 1 percent compared to last year, below from the analysts’ estimate of $54.88 million for the same.
The company was dissatisfied with commodity’s lower prices, but the rise in the overall price of the products promises to improve potential profits.
In kilograms, the company sold 52.9 percent less cannabis for selling 5,107 kg, but the average selling price per gram rose by 89.2 percent to $6.15. The price rise was due to a continuous shift in the distribution channels and product selection, as well as the sales of more costly and productive goods.
Tilray Inc (TLRY) shares have fallen by more than 51 percent since the beginning of the year, but the trends have been positive over the past 6 months, with shares rising by more than 60 percent over the past three trading days.