Benzinga | Oct 7, 2021 09:50AM EDT

Why Tilray Shares Are Falling

Tilray, Inc. (NASDAQ:TLRY) shares are trading lower after the company reported worse-than-expected first quarter sales results.

The company reported quarterly loss per share of $0.08, which came inline with analyst estimates and sales of $168 million which missed the analyst consensus estimate of $172.61 million.

Irwin D. Simon, Tilray's Chairman and Chief Executive Officer, stated, "Tilray's first quarter 2022 results affirm that, amid the paradigm shift towards global cannabis legalization, we are unquestionably executing against two key objectives. The first is maximizing near-term profitability through leadership in both higher-margin international medical markets and in Canada. The second objective is to fully realize the promise and potential of Tilray by capitalizing on the nearly $200 billion global cannabis market opportunity."

Also check out: Tilray Clocks 43% Sales Growth In Q1

Tilray, Inc. engages in the research, cultivation, production, marketing, and distribution of medical cannabis products.

Tilray's stock was trading about 2.5% lower at $10.52 per share on Thursday at the time of publication. The stock has a 52-week high of $67 and a 52-week low of $5.22.