Tilray (NASDAQ: TLRY) reported fourth-quarter 2020 financial results after the regular market hours on Wednesday. The cannabis company reported fourth-quarter revenue of $56.6 million, up 21% year-over-year and above the Wall Street projection. Net loss of $0.02 per share was also narrower than what analysts had anticipated.
TLRY shares shot up over 7% immediately following the announcement. The stock has increased over 85% over the past 12 months.
CEO Brendan Kennedy said, “Amid an acceleration of regulatory changes and an increasingly-favorable political environment, our proposed merger with Aphria will position the combined company as a global leader with lowest cost of production, leading brands, a well-developed distribution network, and unique partnerships.”
