Weed Stocks: Tilray earnings Q3

A Tilray worker tends to cannabis plants.Tilray

• Tilray is set to post its first earnings report as a publicly traded US company following Tuesday’s closing bell. 
• The cannabis producer in July became the first pot company to float an initial public offering in the US.
• Watch Tilray trade live here.

The cannabis producer Tilray is set to post its first earnings report since going public in the US. The results are due out after Tuesday’s closing bell. 

Tilray began trading on the Nasdaq in July, becoming the first cannabis company to float an initial public offering in the US. Shares were priced at $17 apiece, and rallied as much as 1,665% over the next two months, topping out in September after CEO Brendan Kennedy appeared on CNBC and laid out the growth prospects for his company.

High-flying weed stocks have caught the attention of both Main Street and Wall Street this year. The so-called “green rush” in the stock market can be traced back to the middle of August when the beverage maker Constellation Brands announced a $4 billion investment in the cannabis producer Canopy Growth. In September, Coca-Cola reportedly held talks with Aurora Cannabis to develop beverages infused with the nonpsychoactive compound CBD. 

And in October, Canada became the second country after Uruguay to legalize marijuana for recreational use. And last week, Michigan joined nine other US states and Washington, DC, in legalizing the drug for anyone over the age of 21. So far, 33 states and Washington, DC, allow medical marijuana.

The day after Michigan voted in favor of legalization, Attorney General Jeff Sessions, a longtime opponent of legal marijuana, resigned. Tilray shares soared by as much as 30% in response to the news. But shares have since given up most of those gains after it was reported that President Donald Trump was considering other marijuana opponents to fill the position. 

Tilray was up 340% since going public in July.

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