Cannabis Weekly Round-Up: Tilray Jumps Thanks to Fiscal Results

Shares of Tilray Brands (NASDAQ:TLRY,TSX:TLRY) jumped following the release of its full fiscal 2022 results alongside the Q4 period.

Also this past week, a Canadian cannabis producer announced a share consolidation plan.

Keep reading to find out more cannabis highlights from the past five days.

Tilray shows promise despite losses

The cannabis producer reported net losses for both its Q4 and full fiscal periods.

However, the company beat analysts revenue estimates and showed promise to the market thanks to a non-cash impairment hit of $395 million.

Tilray totaled a net loss of C$457.8 million for the fiscal Q4 period and credited the significant hit on “impacting inventory, goodwill and other intangible assets.” The loss for the entire fiscal year period was $434 million.

The producer reported an uptick in revenue for both its fiscal Q4 period and its entire fiscal year, $153.3 million and $628.4 million respectively.

“We are confident that our proactive steps to plan for the evolution of the cannabis business in each of our markets has positioned Tilray Brands to be at the forefront of the industry on a global basis while delivering profitability and driving shareholder value,” Irwin Simon, chairman and CEO of Tilray, said.

The executive highlighted the cost-saving measurements undergone by Tilray to reach a healthier balance sheet.

Shares of the company reflected the optimism Simon demonstrated in his statement. The day Tilray released its financial results, shares of Tilray closed 11.66 percent higher for a price of US$3.65.

Despite the recent gains, Tilray along with the rest of the Canadian cannabis leading pack has struggled on the open market all year. Over a year-to-date period, Tilray is down in value approximately 50 percent.

Sundial struggles after share consolidation plan

Shares of Calgary-based cannabis firm Sundial Growers (NASDAQ:SNDL) dropped drastically this past trading week after it revealed a share consolidation plan with investors.

The announcement came shortly after the firm confirmed the results of its annual and special meeting of shareholders.

The share consolidation plan came into effect on the NASDAQ officially when the markets opened on Tuesday (July 26).

Following the consolidation the firm now counts with 237,993,119 issued and outstanding shares.

Value of the company drastically dropped after the consolidation became real for the company. As of markets opening on Friday (July 29) the company had dropped 25.69 percent for a price point of US$2.32.

Cannabis company news

  • Leafly Holdings (NASDAQ:LFLY)launched a new research intensive program in which researchers can submit their findings to a groupset pool. “After several successful partnerships with university institutions, we decided to open up our data library to the rest of the cannabis academic community. We hope to help play a role in creating universal understanding of this magical and mysterious plant,” Nick Jikomes, director of science and innovation with Leafly, said.
  • Delta 9 (TSX:DN,OTCQX:DLTNF)shared revenue guidance for its Q2 2022 period. The firm told investors it expects to create between C$17.4 million and C$18 million.
  • HEXO (NASDAQ:HEXO,TSX:HEXO)obtained an extension from the NASDAQ in order to meet the imposed minimum bid requirement of US$1 or more. The company now has a deadline of January 23, 2023. “This extended grace period will provide the runway we need to position HEXO for long-term success,” HEXO president and CEO Charlie Bowman said.
  • High Tide (NASDAQ:HITI,TSXV:HITI) added to its cannabis store network thanks to completing a deal in which it now operates the Halo Kushbar Retail brand of stores in Alberta.

Don’t forget to follow us @INN_Cannabis for real-time updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

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