Why Tilray's Stock Is Trading Higher Today

Tilray Inc TLRY is trading higher Wednesday morning after the company announced financial results that were significantly higher year-over-year. 

Tilray reported quarterly earnings of 18 cents per share, which was up from a loss of 39 cents per share year-over-year. The company reported quarterly revenue of $142.24 million, which was up from $113.54 million year-over-year. 

“Early results from the new Tilray affirm that, while the global cannabis market remains in its early stages, our vision, scale, access to resources and operational excellence position us optimally to capitalize on the opportunity," said Irwin D. Simon, chairman and CEO of Tilray.

Tilray is a Canadian cannabis company that cultivates and sells medical and recreational cannabis. In May, Aphria and Tilray completed a reverse merger in which the new company was named Tilray.

Price Action: Tilray has traded as high as $67 and as low as $4.41 over a 52-week period. 

At last check Wednesday, the stock was up 26.70% at $16.15.

See also: How to Buy Tilray Here (ACB) Stock 

Posted In: Irwin D. Simonwhy it's movingEarningsNewsMoversTrading Ideas