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Canadian Cannabis Stocks Continue To Grow On Tilray's Financials

Summary

The majority of Canada's biggest cannabis producers experienced strong price growth this Wednesday after Tilray (TLRY) reported better than expected Q1 sales growth.

According to its quarterly report, the company's sales totaled CAD 23 million, which constitutes a rise of 195% compared with a year ago.In addition to the above, Tilray also announced that it plans to start purchasing cannabis from third-party producers but is yet to find a supplier capable of satisfying its quality requirements.The market was unshaken even by Aurora Cannabis's (OTC:ACB) quarterly report, which revealed worse than expected Q1 sales. As the company itself noted, its net sales for that period totaled CAD 65.1 million, which represents a 20% increase on the previous quarter. Nevertheless, investors had expected that figure to be more in the region of CAD $68.7 million. Meanwhile, the company reported a net loss of CAD $160.2 million, which represents and improvement on last quarter.

Our financial scouts predict that Tilray's most recent quarterly report will give Canadian cannabis stocks the boost they need to continue their current growth. With this mind, they are forecasting share price increases for all the major producers, with Aurora Cannabis, Tilray and Canopy Growth (OTC:CGC) set to rise to $8.5-9, $49.5 and $46 respectively. Meanwhile, they see Aphria (OTC:APHA) and Cronos (OTC:CRON) up to $7.5 and "$15.5 respectively.