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Cannabis Watch: Tilray stock drops 7% after losses widen, though revenue tops expectations

Tilray Inc. shares fell more than 7% in the extended session Tuesday after the Canada-based marijuana producer reported wider-than-expected second-quarter losses but beat revenue forecasts.

Tilray TLRY, +8.38% reported a second-quarter net loss of $35.1 million, or 36 cents a share, versus losses of $12 million, or 17 cents a share, in the year-ago period. Revenue including excise taxes rose to $45.9 million from $9.7 million in the year-ago period.

Removing excise taxes of $3.9 million, Tilray reported revenue of $42 million.

Analysts surveyed by FactSet had estimated losses of 28 cents a share on net revenue of $40.3 million.

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