Shares of Tilray (NASDAQ:TLRY) traded nearly 3% higher in Thursday’s premarket as the pot producer rode high demand for cannabis during lockdowns to drive its first-quarter revenue higher by 43%.
June-August revenue rose to $168 million from $117.5 million a year earlier. Net cannabis revenue jumped 38% as more people took to it to serve recreational and medicinal purposes.
Legal acceptance of cannabis in more states in the $80 billion U.S. cannabis market as well as Canada also helped the company. Tilray also sent its first shipments of medical cannabis products to Germany in the quarter.
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