What happened

Wednesday is shaping up to be a profitable day for cannabis investors. Here's how some of the most popular pot stocks were performing as of 12:30 p.m. EDT today:

So what

The gains were sparked by a blockbuster earnings report from industry heavyweight Tilray (NASDAQ:TLRY). In its debut performance following its merger with fellow pot producer Aphria, Tilray delivered fiscal 2021 fourth-quarter results that were significantly higher than many investors expected. 

$100 bills cut into the shape of a cannabis leaf.

Image source: Getty Images.

Tilray's revenue jumped 25% year over year to $142.2 million, fueled by a 36% surge in cannabis sales. It also reported a surprise profit of $33.6 million, or $0.18 per share. Analysts had expected the company to post a per-share loss of $0.12. 

This strong level of growth from an industry giant bodes well for other marijuana businesses, and investors reacted by bidding up the shares of many cannabis companies.

Now what

We'll soon have an opportunity to confirm whether Tilray's gains are indicative of a broadscale expansion of the marijuana market, or if they're more reflective of the success of its company-specific growth initiatives. Fellow industry leader Canopy Growth is scheduled to report earnings on Aug. 6. 

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