|Bid||0.00 x 800|
|Ask||0.00 x 1300|
|Day's Range||44.31 - 48.08|
|52 Week Range||20.10 - 300.00|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||98.00|
In early April I wrote about going long Canopy Growth (NYSE:CGC) stock. That trade paid off quickly but after peaking at $52.50 per share CGC stock gave it back and has reverted to support. While this sounds disappointing it is where the opportunity lies today.Source: Shutterstock It is time to reload almost exactly the same CGC trade as before. I consider this a blend of tactical trade with the potential to making it a long-term investment. It all depends on the investor time frame. The difference will be how to manage the trade if price goes against it. But in either case the start is the same. But First, Canopy Growth FundamentalsThe whole cannabis stock sector is speculative at best. Companies like Canopy Growth are trying to establish a legitimate business on Wall Street for the first time ever. This is not an easy feat and they are facing hurdles.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThe regulatory obstacles are also opportunities which eventually will be incremental upside. There is no doubt that the bullish thesis for pot stocks is strong. * 5 Great Tech ETFs That Aren't the XLK Bottom line, the popularity of pot is what drives the fanatical interest in these stocks.This is not a fad. The interest is too strong to fizzle. Also there is too much action from mega-cap companies who are seeking to join the party if not already there. CGC was ground zero for this when it took $4.5 billion from Constellation Brands (NYSE:STZ). More investments followed like the one into Cronos (NASDAQ:CRON) from Altria (NYSE:MO).Also the cannabis story is not local. This is a global phenomena but the markets here in North America are probably the sexiest to investors. Simply stated, the story is too good to dismiss so soon.CGC stock is not for the faint of heart. They are called momentum stocks because they move fast in both directions. Case in point, yesterday it rose 4% on no specific news. So this makes it difficult to find the perfect trading points. So it is best to learn the levels that matter and use those as entry and exit lines. Trading CGC StockOnce CGC fell back into the $43 zone it slowed its deceleration because that is a support zone. These are not hard lines in the sand but rather rubber bands. I can buy it here and expect a bounce towards the last place it failed.If will face resistance at $49 per share so I should lock profits once it reaches it. But this varies based on individual trading preferences and time frames. If it's a tactical trade then I'd set my stop loss below $41.75 or $39.75 per share. Because if those fail, the bears could try to retest $33 per share. This is not a forecast but a scenario that could unfold.The CGC stock fundamentals are the best of the bunch on paper. This is not to say that they are good. But they did receive the pile of cash from STZ and they are putting it to good use. Their strong balance sheets allows them to execute on plan comfortably. But they still need to grow their delivery capacity.This is what Wall Street believes, and whether reality or not, perception is all that counts this early in the process.Critics of cannabis do make valid arguments. But for every point of contention they offer, there are several other facets of the cannabis that offset that one negative. The applications for cannabis includes not just recreational use, but also medical, CBD, potables, edibles, etc.So according to Wall Street we will smoke it, eat it, drink and rub it on our ailments. So to be a bear on cannabis now is like fighting a multi-headed beast. They can shoot down one aspect of the bullish thesis but there are several more that can still bite the sellers.Nevertheless, it is important to temper the enthusiasm. Canopy Growth fundamentals from the traditional point of view are scary. And it is not alone as the whole sector carries very rich valuation with minimal opposing income. CGC has a market cap of $15 billion and only has a small fraction of it in sales.So yes, they are expensive but the story is not in today's dollar but rather several years out. The legalization trend is just starting. As more states follow the early movers, the North America consumption markets will grow exponentially.Canopy is set to be able to cater to the incremental demand. They are literally forging the trail for the others to follow. Recently we saw them execute an inventive way of acquiring resources without breaking any laws. This is a team that is not afraid to make bold moves and take calculated risks. * 7 Safe Stocks to Buy for Anxious Investors If cannabis stocks are a viable thesis long term, then Canopy Growth is a winner. So far, CGC and ACB are up more than 65% year to date -- four times the performance of the S&P 500.Nicolas Chahine is the managing director of SellSpreads.com. As of this writing, he did not hold a position in any of the aforementioned securities. You can follow him as @racernic on Twitter and Stocktwits. More From InvestorPlace * 4 Top American Penny Pot Stocks (Buy Before June 21) * 7 Safe Stocks to Buy for Anxious Investors * 4 Tech Stocks Looking Vulnerable * Should You Buy, Sell, Or Hold These 7 Hot IPO Stocks? Compare Brokers The post It's Time to Load Up on CGC Stock Again appeared first on InvestorPlace.
How Do Cannabis Stocks' Valuations Stack Up in May?(Continued from Prior Part)TilrayTilray (TLRY) has exhibited extended weakness for the most part of this year, and the trend did not reverse even after the company reported its earnings. Needless to
How Do Cannabis Stocks' Valuations Stack Up in May?Earnings releasesCannabis companies such as Tilray (TLRY), Aurora Cannabis (ACB), and CannTrust (CTST) reported their earnings last week, which gave us fresh insight into the cannabis sector. While
Aurora Cannabis Inc. (NYSE:ACB) had an extremely productive fiscal third quarter. Metrics looked very positive across the board: solid revenue growth; active registered patients up; cash cost to produce per gram down; production volume increased materially.Source: Shutterstock Everything is heading in the right direction.ACB has even announced that famed activist investor, Nelson Peltz, joined the company as a strategic adviser. Although activists typically made headlines by giving company management a hard time, he is with Aurora in a collaborative capacity to help with their global expansion and partnership opportunities. This is a big win for ACB stock as Peltz's network and business perspective will prove very useful, especially on the expansion front.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Confidence in OutlookACB delivered solid Q3 revenue growth that averaged 20% in all key markets. Canadian consumer was up 37%, Canadian medical was up 8%, and international medical was up 40%. Aurora has expertly scaled production managed it sales channels. * 6 Chinese Stocks That Could Pop On a Trade Deal It may not be the dizzying revenue growth of Tilray (NASDAQ:TLRY), which increased 195% year-over-year, but ACB had solid and sustainable stats that can be replicated for many quarters out.On the cost side, since ACB has been very focused on getting its facilities to run at full capacity, they have been able to lower cash costs per gram. In the most recent quarter, Aurora cut costs to $1.42, 26% lower that the prior quarter, and an improvement year-over-over of 7% as well.Now with the Aurora Sky growing facility operating at full capacity, those costs should keep trending down. Management expects that the average cash cost to produce per gram at its Sky Class facilities will be below $1. This will help get them to their EBITDA positive goal. What This Means for ACB Stock What this all means is that ACB stock is on track to delivery positive EBITDA in Q4 2019. This, of course, is if all goes as planned. The company continues to execute in all channels and improve pricing and volumes in parallel. If this happens, there could be a bit move upward in the stock.And for a space that has seen soaring valuations, ACB actually turns out to be favorably valued for investors looking to buy. * 7 High-Yield REITs to Buy (Even When the Market Tanks) Using the market cap per kilograms sold as a valuation metric, ACB stock also looks much cheaper than other cannabis companies. Based on quarterly metrics, ACB is valued at $969,000 per kilo sold. Marijuana stocks like Canopy Growth (NYSE:CGC) and Tilray are both selling for around $1.5 million per kilo sold.So, from this valuation perspective, at current levels Aurora looks much more attractive than its peers. What's Ahead for ACB StockIn addition to being on track to deliver positive EBITDA in Q4, Aurora is also on track to increase sales meaningfully with production facilities targeting over 25,000 kg of cannabis available for sale. With production ramping, this allows management the flexibility to craft its new product line. Vapes and edibles will be ready to launch in Canada by calendar year-end.Across the pond in Europe, once Aurora's receive production facilities receive EU GMP certification, supply to international markets will get a big boost. The company's Bradford facility recently underwent an audit in an effort to get that EU certification.With Aurora Cannabis Inc. executing at a rapid pace and with the results to show for its efforts, ACB is a compelling buy as one of the best cannabis stocks.As of this writing, Luce Emerson did not hold a position in any of the aforementioned securities. More From InvestorPlace * 4 Top American Penny Pot Stocks (Buy Before June 21) * 7 Stocks to Buy for Over 20% Upside Potential * 5 Large-Cap Stocks Holding Steady Amid Trade War Concerns * 7 ETFs for Healthy Healthcare REITs Compare Brokers The post Aurora Cannabis Stock Is Attractively Valued After A Huge Q3 appeared first on InvestorPlace.
Aphria Stock Rises on Cultivation License in Germany(Continued from Prior Part)Cannabis stocks gainToday, the cannabis sector was making positive moves after last week was fraught with pessimism due to trade tensions. HEXO (HEXO) was up 1.3% while
Speaking with CNBC's Jim Cramer from the "Healthy Returns" conference in New York City, Novartis CEO Vas Narasimhan says cannabis is "not a focus" for the pharma company.
Shares of Tilray (NASDAQ:TLRY) dropped in mid-May after the Canadian cannabis company reported first quarter numbers that didn't quite live up to expectations. Revenues topped estimates, but profits missed estimates. Despite the profit miss, all the growth trends moved in the right direction. Revenues rose big sequentially. So did cannabis sales volumes. Gross margins improved, too. Broadly, the numbers looked good, but Tilray stock still had people disappointed.Source: Shutterstock The big story for the past year is that Tilray has simply been priced for much more than just good. For context, TLRY has always been richly valued relative to peers for no reason outside of market hype. This is the pot stock that went extra parabolic during the mid-2018 cannabis craze. At one point in time, Tilray touched $300. It has since consistently retreated. Now, shares trade hands under $50. * 7 High-Yield REITs to Buy (Even When the Market Tanks) Naturally, the question following earnings is whether or not TLRY stock has finally bottomed. Ostensibly, the answer appears to be yes. The numbers missed expectations, but were pretty good. The stock dropped. But, not by much. The valuation now makes sense relative to peers.InvestorPlace - Stock Market News, Stock Advice & Trading TipsIn other words, the numbers, the price action, and the valuation all imply that Tilray stock could indeed bottom here just below $50.But, will it? I'm not sure. As such, I think this is a wait-and-see situation. TLRY has been a falling knife for some time. Reversing the course of this falling knife will take some time, too. There's no rush to buy in just yet. Tilray's Numbers Were Pretty GoodDespite the headline profit miss, Tilray's first quarter numbers were actually pretty good, and broadly much better than most observers anticipated.Both revenues and kilograms of cannabis sold rose nearly 50% quarter-over-quarter. Relative to peers Cronos (NASDAQ:CRON) and Aurora (NYSE:ACB) (both of which have reported early 2019 numbers) that near 50% sequential revenue and volume growth rate is very impressive. The growth rates at Cronos were below 20%. Over at Aurora, they were between ~20% and ~40%.To be sure, Tilray is growing from a small base, but the takeaway nonetheless remains clear. Tilray gained share in the cannabis market in early 2019. On top of that market share expansion, gross margins also improved sequentially, so Tilray importantly gained share without sacrificing margins.Overall, then, Tilray's first quarter numbers actually underscore that this company is making material progress in the potentially enormous cannabis space. From that perspective, these numbers could help Tilray bottom here. Tilray Stock Could Bottom Here, but Will It?I've shied away from Tilray stock over the past several months for one reason: valuation. Quite simply, after this stock popped all the way to $300 on hype alone, it needed to do a lot of compressing before it became even somewhat reasonably valued. On top of that, Tilray reported number in late 2018 which implied that it was growing more slowly than peers, only adding to the stock's valuation concerns.But, as stated earlier, Tilray is now growing more quickly than many of its peers. Further, the valuation is now more reasonable, as each kilogram of cannabis produced at Tilray last quarter is being valued at roughly $1.5 million, which is in-line with the valuation for Canopy (NYSE:CGC).As such, there's reason to believe that TLRY stock could bottom here. The numbers are reversing course, and the stock is finally trading at arguably reasonable valuation levels.But, while there's reason to a believe a bottom is in, I'm not convinced. CGC and TLRY now feature similar valuations. But, Canopy has a $4 billion investment on its balance sheet from Constellation Brands (NYSE:STZ). Tilray has no such investment. They have a few partnerships, but no big money investment.Thus, one should ask: does TLRY deserve a CGC-like valuation? I don't think so. But, let's see what the market says. Bottom Line on Tilray StockIt has been a long fall from $300 for TLRY stock. Certain indicators suggest that this fall could be over. But, I'm not convinced. As such, I think this is a wait-and-see situation with Tilray.As of this writing, Luke Lango was long CGC and ACB. More From InvestorPlace * 4 Top American Penny Pot Stocks (Buy Before June 21) * 7 High-Yield REITs to Buy (Even When the Market Tanks) * 5 Great Blue-Chip Stocks to Buy Today * 7 Tech Stocks to Buy That Are Also Perfect for Retirement Compare Brokers The post Even at These Prices, Tilray Stock Still Has Too Much Success Priced In appeared first on InvestorPlace.
Based on its peers' results, Canopy Growth could be in for a pretty good quarter.
Cannabis Stocks Fell despite Biden's Support of Legalization(Continued from Prior Part)TLRY edges lowerTilray (TLRY) continued to move lower in the first half of today with the stock declining by nearly 1.8% around noon. The company has been in the
Skyrocketing compensation received by Corporate America's leading chief executives continues to be a topic of heated debate, and that's nowhere more clear than in the latest list of best paid CEOs, which includes well-known names such as Tesla Inc. CEO Elon Musk, Walt Disney Co. CEO Bob Iger and Apple Inc. leader Tim Cook. The first among them was Tilray Inc. (TLRY), a Canadian company majority-owned by private equity firm Privateer Holdings. Among the biggest beneficiaries of Tilray's IPO was its CEO and President, Brendan Kennedy, who was the second-highest paid U.S. executive in 2018 among companies traded on U.S. exchanges.
Aurora Canncbabis (NYSE:ACB) stock traded higher in mid-May after the Canadian cannabis giant reported third-quarter numbers that, while short of expectations, broadly confirmed that ACB is benefiting from favorable underlying trends. Investors cheered the favorable results, and ACB stock traded slightly higher in response to the report.Context is important in this case. Many expected Aurora's third-quarter numbers to be pretty bad. There was an overwhelming amount of data which suggested that the Canadian cannabis market had flat-lined in the early parts of 2019. Consequently, expectations were low heading into the print. * 7 High-Yield REITs to Buy (Even When the Market Tanks) But Aurora didn't report bad third-quarter numbers. Instead, Aurora reported pretty good third -quarter results. Across the board, everything from revenues to volumes to margins improved sequentially, implying that while the Canadian cannabis market may have flat-lined in early 2019, Aurora did not.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThat's bullish for ACB stock. For a long time, Aurora stock has been the most undervalued big name Canadian pot stock. Two things have held it back. Specifically, concerns that its current leadership position in the Canadian cannabis market is slipping and the fact that the company doesn't have a big-time investment from a consumer-staples giant.The first of those concerns was addressed by the company's strong third-quarter numbers. The second concern should be addressed later this year. As a result, now seems like a good time to get bullish on ACB stock, since the relative valuation discount of Aurora Cannabis stock won't last forever. Aurora Reported Strong NumbersFrom head to toe, Aurora's third-quarter earnings report was pretty good. Despite the headline misses, every single metric rapidly moved in the right direction for Aurora. This confirms that Aurora is not only a leader in the Canadian cannabis market, but also that it's widening its lead.Its total revenues rose 21% sequentially, as its revenue from consumers surged 37% quarter-over-quarter and its medical revenue increased 8%. Meanwhile, the number of kilograms of cannabis that it produced rose nearly 100% quarter-over-quarter, while the number of kilograms it sold rose over 40%. Production cost per gram of cannabis dropped more than 25% quarter-over-quarter, and its gross margins rose four points sequentially.Across the board, Aurora's operations improved from late 2018 to early 2019. In the wake of murmurs that the Canadian cannabis market was flat during that stretch and the muted growth numbers Cronos (NASDAQ:CRON) reported not too long ago, it's clear that Aurora is accelerating its leadership position in the Canadian cannabis market.This acceleration of leadership, coupled with the large investment that the company should receive soon, pave the path for ACB stock to head way higher in 2019. Aurora Stock Can Rise MeaningfullyThe relative undervaluation of ACB stock, which won't last too long, creates a compelling opportunity for investors in 2019.The market currently values each kilogram of cannabis that Tilray (NASDAQ:TLRY) and Canopy (NYSE:CGC) sold last quarter at about $1.5 million. The market simultaneously values each kilogram of cannabis that Cronos sold last quarter at more than $4.5 million. But when it comes to Aurora, the market thinks each kilogram of cannabis sold last quarter is worth less than $1 million.The disparity has nothing to do with growth. Aurora's revenues, production capacity, and sales volumes are growing as quickly as anyone else's in the industry. It has nothing to do with size, either, as Aurora is the second-biggest player in the market behind Canopy. Nor does it have anything to do with profitability, as Aurora has one of the highest gross margins in the sector.Instead, it has everything to do with two things. First, investors question the longevity and sustainability of Aurora's current leadership position. Second, investors question how Aurora can compete with companies that have received billion-dollar investments from consumer-staples giants.The first concern was addressed by ACB's strong third-quarter numbers. The second concern will be addressed later this year. Aurora didn't receive a large investment like Canopy or Cronos, yet But, considering this company continues to expand its production footprint and leadership position, and that ACB stock trades at a huge discount to its peers, it's only a matter of time before some big consumer-staples giant steps in and pours in a few billion dollars.Once that happens, there will be no reason for ACB stock to trade at a lower valuation than other major marijuana stocks. The discrepancy will go away, and as it does, Aurora Cannabis stock will fly higher. The Bottom Line on ACB StockAurora's third-quarter numbers were actually much better than most expected, and imply that Aurora is extending its leadership position in the Canadian cannabis market. The longer its position in the market improves, the higher the odds that the company will receive a huge investment from a consumer-staples giant. The higher those odds go, the higher ACB stock will go.As of this writing, Luke Lango was long ACB and CGC. More From InvestorPlace * 4 Top American Penny Pot Stocks (Buy Before June 21) * 7 High-Yield REITs to Buy (Even When the Market Tanks) * 5 Great Blue-Chip Stocks to Buy Today * 7 Tech Stocks to Buy That Are Also Perfect for Retirement Compare Brokers The post Why Strong Q3 Numbers Make Aurora Stock Worth Buying appeared first on InvestorPlace.
Cowen and Co. report notes that recreational use of the drug Canada is surging, and the rise of pot is a headwind to beer sales.
[Editor's note: This story was previously published in April 2019. It has since been updated and republished.]Marijuana stocks are all the rage these days as legalized cannabis has hit the scene. Analysts now project that the market for both medical and recreational cannabis use will reach a staggering $200 billion in global sales in just five years. As a result, stocks in the sector have surged on the wave of optimism.The problem is, marijuana stocks aren't exactly a slam dunk.InvestorPlace - Stock Market News, Stock Advice & Trading TipsMany are fraught with some big-time risks, hefty volatility, zero profits, etc. At this point, many marijuana stocks are just speculative bets. They could pay off or they could crash and burn. But one thing many of the top cannabis stocks do have is partners. Specifically, major corporate partners that are as far from speculative plays as you can get.It's here that more conservative investors can cash in on the marijuana stock mania and benefit from everything it has to offer. Sure, these stocks won't rise as much as some of the pure marijuana stocks. But, you know what? They won't fall as much either and they'll still be able to reap potential billions in revenues derived from cannabis. * 7 High-Yield REITs to Buy (Even When the Market Tanks) With that, here are the three top partners of the marijuana stocks and why they are good stocks to buy. Constellation Brands (STZ)Source: Shutterstock Seemingly overnight, Constellation Brands (NYSE:STZ) become one of the biggest marijuana stocks out there. That's thanks to its big partnership with Canopy Growth (NYSE:CGC). For a cool $4 billion, STZ purchased a 38% stake in Canopy last year. The firm now owns warrants that would allow it own a majority stake in 2021.The end game for STZ is pretty simple. Marijuana would be a perfect "fourth leg of a stool" to the company's beer, wine, and spirits operations. Constellation owns over 100 world class beverage brands including Corona beer, Svedka Vodka, and Robert Mondavi wines. These are highly regulated consumer products. The end goal is for STZ to do the same with cannabis. That is, apply its vast branding knowledge and distribution network to get various pot products into the hands of the masses.Constellation has already started working with Canopy on cannabis-infused drinks. At the same time, it's looking to parlay is vast marketing knowledge into other cannabis areas such as edibles and other consumable products. These can and will all be major sources of revenues once the switch is flipped and full legalization happens.In the meantime, STZ is no slouch with regards to what it already generates money on and its recently undergone some moves to shore up its balance sheet and pay for CGC purchase. This allows it to be a safer play than any of the marijuana stocks. Novartis (NVS)Source: Shutterstock One of the main reasons why marijuana stocks have surged so far has been the growing use of medical marijuana and cannabis treatments. Demand in that area has already begun to surge, and it could grow further as doctors look for alternatives to addictive opioids for pain relief.International drug giant Novartis (NYSE:NVS) saw the writing on the wall and decided that it needed to get into the cannabis game. This prompted it to partner with major grower Tilray (NASDAQ:TLRY).That partnership allows for NVS division Sandoz to develop and distribute TLRY's medical marijuana in legal jurisdictions around the world. With the deal, Tilray is able to tap into Novartis' vast distribution network and will allow TLRY to help commercialize its non-smokable/noncombustible medical cannabis products. For NVS, it's able to collect fees and revenues from sales. Moreover, the deal allows it to co-brand some products to help enhance sales further.For both partners, the deal seems like a win-win. NVS gets its hands-on fast-growing medical marijuana, while Tilray can actually sell its products to more consumers. Given how good the deal is, both firms decided to expand more on those partnerships and look into developing new cannabis-related drugs. * 7 High-Yield REITs to Buy (Even When the Market Tanks) The win for investors by choosing NVS over TLRY is that you get the backing of one of the largest drug manufacturers on the planet. Altria (MO)Source: Peyri Herrera via Flickr (Modified)Big Tobacco has been eyeballing legalized cannabis sales for what seems like decades, so it's no surprise that cigarette-king Altria (NYSE:MO) would be looking at the marijuana stocks for a partnership. That came from a $1.8 billion investment in pot grower Cronos Group (NASDAQ:CRON). MO now has a 45% stake in the firm.Traditional cigarette sales continue to fall and MO has been looking for ways to expand its portfolio and reduce potential revenue loss. This helps explain its major purchase of vaping specialist Juul Labs. Its CRON buy helps expand on that vaping tech.Speculation has already begun that Altria could fill Juul Pods with CBD once pot is legal everywhere or add it to its other vaping/e-cigarette brands. Meanwhile, MO's huge production facilities could instantly be flipped towards smokable marijuana products. The deal also allows for CRON to co-develop new products that could be sold on Altria's large network. Together, it gives Altria an instant foothold in a growing business.And that's important for the firm. Potentially, it gives Big Tobacco a way to really reduce its multi-year declines. Last quarter again, Altria managed to miss analysts' consensus sales estimates.Meanwhile, investors buying MO over other marijuana stocks getsplenty of stability, profits and a hefty 5.93% dividend yield.Disclosure: At the time of writing, Aaron Levitt did not hold a position in any of the marijuana stocks mentioned. More From InvestorPlace * 4 Top American Penny Pot Stocks (Buy Before June 21) * 7 High-Yield REITs to Buy (Even When the Market Tanks) * 5 Great Blue-Chip Stocks to Buy Today * 7 Tech Stocks to Buy That Are Also Perfect for Retirement Compare Brokers The post 3 Ways to Buy Into the Marijuana Boom Without the Risk appeared first on InvestorPlace.
Tilray CEO Says Some Cannabis Companies Misled Investors(Continued from Prior Part)Tilray CEO’s salaryLast week, Bloomberg reported a list of the highest paid CEOs in 2018. Interestingly, Tilray’s (TLRY) CEO, Brendan Kennedy, was the second
Cannabis Stocks Experienced Extended Weakness Last Week(Continued from Prior Part)Tilray fell last weekTilray (TLRY) reported its earnings on May 14. The company reported revenues of $23 million—better than the expectation of $20.2 million. The
Tilray CEO Says Some Cannabis Companies Misled InvestorsTilray’s CEO in focusLast week, Tilray’s (TLRY) CEO claimed that some cannabis companies have misled investors by inflating their capacity metrics, which could have skewed valuations
Pot stocks were more concerned with supporting inflated valuations than meeting grow expectations, according to this prominent cannabis CEO.
Cannabis stocks and exchange-traded funds fell Friday. Among cannabis stocks tracked by TheStreet, two rose while nine fell. General Cannabis shares rose 6 cents, or 3.77%, to $1.65. Tilray shares fell $1.