The market evidently liked Tilray’s (TLRY) November quarter results, sending shares up by 13% in the subsequent session, despite a mixed report. Assessing the display, Cantor’s Pablo Zuanic sees both positive and less encouraging metrics in the print. On a negative note, the situation in the domestic Canadian rec market remains difficult, with “market share erosion and wholesale destocking” leading to a big quarter-over-quarter decline in reported sales. Total cannabis revenue dropped by 16% sequentially from 70.4 million in the August quarter to $58.8 million, coming in lower than the consensus estimate of $66.6 million and also below Zuanic’s call for $64.4 million.
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