Why Tilray, Organigram, and Hexo Stocks Bounced Today
Canadian cannabis company Tilray (NASDAQ: TLRY) reported its fiscal 2022 second-quarter earnings results yesterday, and its shares soared. The company surprised investors with a profitable quarter and strong revenue growth. Today, Tilray peer Organigram Holdings (NASDAQ: OGI) also reported solid quarterly results. While shares of companies in the sector initially gave back some of yesterday's gains, they reversed course quickly. As of 1:52 p.m. ET Tuesday, shares of Tilray and Organigram were up 2.9% and 2%, respectively. The stock of fellow Canadian grower Hexo (NASDAQ: HEXO) was marching even higher at that time, up 5.7%.
Tilray said yesterday its revenue increased about 20% over the comparable prior-year period. Organigram similarly reported a year-over-year gross revenue increase of 23% in today's announcement. Both companies say international sales are also contributing to improving results.
Source Fool.com
