Cannabis stocks are pushing higher.
– Sundial Growers (SNDL) is up about 8% at the moment
– OrganiGram Holdings (OGI) is up 9%
– Aurora Cannabis (ACB) is up 6%
– Canopy Growth (CGC) is up about 6%
– HEXO Corp. (HEXO) is up about 6%
All thanks to Tilray (TLRY), which is up about 25% on earnings.
For the fourth quarter, the company posted net income of $33.5 million, or 18 cents a share, as compared to a year-earlier loss of $84.3 million, or 39 cents a share. Revenue jumped to $142.2 million from $113.5 million year over year as well.
Analysts were looking for a loss of 12 cents on revenue of $199 million.
Even better, CEO Irwin Simon has a goal of $4 billion revenue by 2024, which, according to MarketWatch, “assumes full legalization of cannabis in the U.S., along with organic growth, acquisitions and partnerships.”
“Beyond what we have achieved over the last six months, our perseverance during the crisis itself lends further validation to the fact that this team knows how to pivot, execute and get results,” the CEO added, as quoted by MarketWatch. “Consider at the highest level. We lost well over $100 million in revenue as a result of retail store closures in general impact. And yet, we immediately implemented cost saving measures, ultimately helping us build EBITDA to more than $40 million in 2021.”