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Tilray Inc (NASDAQ:TLRY) is trading higher Friday on continued legalization hopes amid a Republican-leg marijuana legalization bill.
The stock is also moving in sympathy with Sundial Growers Inc (NASDAQ:SNDL), which reported its third-quarter financial results and announced a share repurchase program.
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See also: You Ask, We Analyze: Why Tilray's Stock Looks Set To Soar
Sundial reported quarterly net earnings of $11.3 million Canadian dollars ($8.99 million), which is up from a loss of CAD$71.4 million year-over-year. The company reported quarterly adjusted EBITDA of CAD$10.5 million, which is up from an adjusted EBITDA loss of CAD$4.4 million year-over-year.
Sundial reported quarterly net revenue from cannabis segments of CAD$14.4 million, representing a 12% increase year-over-year.
Sundial Growers also announced a share repurchase program authorizing the company to repurchase up to CAD$100 million of its shares "from time to time at prevailing market prices."
Under the terms of the program, Sundial Growers can purchase a maximum of 102.8 million shares, representing approximately 5% of the company's issued and outstanding shares.
See Also: Tilray Vs. Aurora: Cannabis Stock Wars Heat Up
Tilray is a Canadian producer that cultivates and sells medical and recreational cannabis.
TLRY Price Action: Tilray has traded as high as $67 and as low as $6.66 over a 52-week period.
The stock was up 4.22% at $12.36 at time of publication.
Photo: NickyPe from Pixabay.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.