Tilray’s (TLRY) FQ3 results showed that the struggle for share of the recreational Canadian cannabis market continues. The Q3 post-tax sales fell by 13% sequentially to $33.2 million, following a 27% decline in Q2. Additionally, Tilray’s share of the market came under more pressure – dropping from Q2’s 12.8% to 10.7% in the quarter. That said, despite these soft spots, and unlike in previous quarters, Jefferies’ Owen Bennett says there were “some signs for optimism.” For one, exhibiting the “smallest” sequential drop decline in over a year, the overall share loss has “slowed,” while in vape and pre-rolls, Tilray is actually seeing market share gains.
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