Cannabis Watch: Tilray CEO says pot supply is still an issue, but sales triple and push stock higher

Tilray Inc. shares rose about 4% in after-hours trading Tuesday after the Canadian weed maker topped consensus revenue estimates by nearly tripling sales, but lost more money than analysts expected.

The company reported first-quarter net losses of $30.3 million, or 32 cents a share, widening from $5.2 million, or 7 cents a share, in the year-ago period. Tilray’s TLRY, +4.88% revenue rose to $23 million from $7.8 million in the year-ago period. Analysts surveyed by FactSet had estimated losses of 25 cents a share on revenue of $20.5 million. For the second quarter, analysts model losses of 25 cents a share on sales of $42.2 million.

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