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by Stockwatch Business Reporter
The S&P/TSX Cannabis Index lost 22.04 to 282.09, while the CSE Composite Index lost 30.78 to 969.40. The soon-to-be world's largest cannabis producer, Tilray Inc. (U:TLRY), lost $4.41 to $27.10 on 54.3 million shares (figures in this paragraph are in U.S. dollars). It released its fourth quarter financials yesterday after the close.
The financials were generally better than analysts expected, and on an ordinary day, they might have sent the stock higher. Tilray has had few ordinary days lately. After the Reddit day-trading crowd set their sights on cannabis earlier this month, Tilray became their main fixation. The stock has been as high as $67 this month and as low as $17, and is still looking for solid ground.
The highlight of the fourth quarter was the all-share merger agreement that Tilray announced in December with Aphria Inc. (APHA: $24.30), in a deal that will create the largest cannabis producer in the world (by revenue). The agreement received plenty of attention during a conference call that Tilray held yesterday evening. Chief executive officer Brendan Kennedy called the deal a "win-win," hyping the combined company's 17-per-cent market share in Canada, its "unrivalled" platform in Europe and elsewhere internationally, and its ability to establish a "commanding" U.S. presence once cannabis is federally permissible.
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