Canadian pot producer Tilray (TLRY) missed expectations in the first quarter, prompting Canopy Growth (CGC) to drop in value. After that, TLRY became the most valuable marijuana stock on a major US exchange. TLRY stock trades higher by 3% in the pre-market. It’s trading at $12.24 per share. With a market cap of $5.5 billion, Tilray is now the second-largest pot stock in the US after Canopy. For the quarter, the company’s total revenue was around $70.4 million, with almost half of that coming from its cannabis division. Its alcoholic beverage division also saw sales of almost $15 million.
Canada’s biggest cannabis company reported a wider loss in its most recent quarter, as it continued to grow too rapidly and create too much cannabis. Its strategy in the US has raised concerns about how it will compete in the industry once it’s legalized. Tilray gets a portion of the debt held by Gotham Green, which is a major investor in MedMen. It would give Tilray a minority share of the company once pot is legal in the US. The stock has a Composite Rating of 19 from MarketSmith. It’s a good buy for stocks with a Composite Rating of 90 or higher.