Tilray stock is showing intense selling with the broader market sell-off despite Tilray Inc (NASDAQ:TLRY) announced a standard manufacturing license and Good Manufacturing Practices (GMP) certification.
Canada based cannabis company Tilray has steadily grown into a highly influential company in its industry and perhaps one of its most important aspects is its operations abroad. In a major boost for the company, Tilray’s subsidiary in Portugal known as Tilray Portugal Unipessoal Lda has managed to not only managed to get a standard manufacturing license but has also been given a Good Manufacturing Practices (GMP) certification.
Needless to say, these are significant developments for Tilray’s operations in Portugal and will allow the subsidiary to start exporting dried cannabis meant for medical cannabis products.
Tilray Stock Underperforms
Tilray stock has proven to be one of the weakest performers in the cannabis industry for most of the year so far. Despite the positive performance of many cannabis companies during this period, Tilray has definitely lagged behind significantly. Although it is hard to compete with some of the larger players in the cannabis industry immediately, it seems that there are some factors which could see the company getting back in track.
Tilray stock has fallen about 55% from its January peak price of $100.
Tilray released its first-quarter report last week and the figures show that the top line growth has improved significantly. That is a clear indication that the company is well on its part to recovery, but at the same time, it is also important to point out that company needs to show a lot more to attract more investors.
The company generated revenues of $23 million, which three times the revenues that it recorded a year ago and 50% more than the revenues in the previous quarter. The losses were still significant and were pegged at $25.2 million, but the per share loss went down from the levels in the previous quarter. In the previous quarter, losses amounted to $0.33 per share, while in the latest one; it came in at $0.25 per share.
Tilray stock is down 3.50% in Wednesday’s session and now trading at $44.62.