Why Tilray Shares Dropped 10.1% on Thursday

Tilray (NASDAQ: TLRY), a Canadian cannabis company, saw its shares drop 10.1% on Thursday. The stock, which closed at $7.25 on Wednesday, opened at $7.12 on Thursday and fell to $6.40 at one point. The stock has a 52-week low of $4.78 and a high of $23.04. The company's shares are down more than 7% this year but up more than 20% this month.

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Investors likely took profits after Tilray got a bump on Wednesday following its third-quarter earnings report, which contained mostly good news. The company reported revenue of $152 million, which, while down from $155 million in second-quarter revenue, was up 23% year over year.

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Source Fool.com