Cannabis stocks were mostly higher Tuesday, as investors digested Tilray Inc.’s earnings and the latest moves by New Jersey and Pennsylvania to pave the way toward legalization.
Tilray TLRY, -2.88% said late Monday quarterly sales grew to $15.5 million, up from $5.1 million in the year-ago period, topping the $14.1 million FactSet consensus. Tilray said the average net selling price per gram of pot increased to $7.52 from $7.13 in the year-ago quarter.
But its losses widened to $31 million, or 33 cents a share, from $2.9 million, or 4 cents a share, in the year-earlier period. That was wider than the 14 cents FactSet consensus. The stock initially rose in after-hours trade but fell 2% in official trade Tuesday.