What happened

Tilray (NASDAQ: TIL) shareholders outperformed a strong market last month. The stock rose 17% compared to a 13% increase in the S&P 500, according to data provided by S&P Global Market Intelligence.

That boost only removed a small portion of recent losses, though, and the marijuana stock remains lower by more than 50% so far in 2020.

A hand holding cannabis buds.

Image source: Getty Images.

So what

Tilray didn't announce any company news last month. Instead, shares appear to have risen with the broader market. Indexes jumped last month on growing confidence that the retailing industry is about to reopen in Canada after pausing for COVID-19 social distancing efforts. That optimistic reading was amplified in Tilray's stock, given its sharp decline in the prior month.

Now what

The cannabis specialist will announce first-quarter earnings results on May 11, and most investors are expecting to see sales more than double to about $51 million. The first quarter runs through March, which is a period that includes about two weeks of widespread retailing closures. Shareholders will be watching that report for signs of the scale of the business slowdown, along with any signs that Tilray is moving closer to achieving sustainable profitability.