Why Marijuana Stock Tilray Plunged 25.9% in May — The Motley FoolPosted by On

What happened

Shares of Tilray (NASDAQ:TLRY) tumbled nearly 26% last month, according to data from S&P Global Market Intelligence, following the cannabis company’s first-quarter results.

So what

Tilray’s revenue surged 195% to $23 million. Management credited the gains to the legalization of adult-use recreational marijuana in Canada, Tilray’s acquisition of hemp-based food producer Manitoba Harvest, and the growth of the international medical cannabis market. 

“We are pleased with our first-quarter results and the ongoing, substantial progress our team has made to position Tilray as a global leader in the cannabis industry,” CEO Brendan Kennedy said in a press release. “We have made significant…

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