Tilray Shares Jump After Q1 Revenue Beat; Aurora Slides as Sales Miss Forecasts

Tilray said revenues for the three months ending in March rose 195% from last year to $23 million, as sales in Canada surged following its decision to legalize cannabis for recreational use, but a 5.7% fall in the average price per kilogram sold meant the Nanaimo, British Columbia-based group posted a loss of 27 cents per share, missing Street forecasts by a penny. Tilray CEO Brendan Kennedy also said the company was looking to further its partnerships with U.S. and international firms as the potential $150 billion global market for cannabis undergoes a generational change in both regulation and consumer acceptance. “We’ve been inundated with contacts from Fortune 500 companies who are interested in exploring partnerships with Tilray,” Kennedy told investors on a conference call late Tuesday.

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