Tilray (TLRY), the first pure-play marijuana IPO to hit a major U.S. exchange, reports second-quarter results on Tuesday, as another IPO gets set to join the growing list of marijuana stocks.

Wall Street expects Tilray to report a per-share loss of 9 cents on revenue of $9 million. The report will be Tilray’s first since its IPO in July.

Last year’s sales for the company, which sells medical cannabis products in Canada, jumped 62% to $20.5 million, with a per-share loss of 9 cents and a net loss of $7.8 million. The company’s accumulated deficit at the end of the year was $40.5 million.

For the quarter ending March 30, Tilray’s sales rose 55% to $7.8 million, on a loss of 6 cents per share. Net losses during the quarter mushroomed to $5.2 million from $679,000 a year earlier.

Cowen analyst Vivien Azer said Tilray stands to benefit from its relationship with Privateer Holdings, a cannabis-focused private-equity outfit in Seattle. Privateer owns a majority of Tilray, and its portfolio also includes marijuana information website Leafly as well as Marley Natural, the “official cannabis brand of Bob Marley.”

Azer, who started coverage this month on Tilray with an outperform rating, said Tilray’s arrangement with Privateer gives it the opportunity to license “established U.S.-based cannabis brands in Canada.” Tilray also gets around 5.5% of sales from Germany, New Zealand and Australia, with more room to expand, Azer said.

In addition, she said, being under the Privateer umbrella gives Tilray access to a decade’s worth of data from Leafly, a site that tracks consumer preferences for different pot brands and strains. Leafly, which also publishes user reviews and other news about the industry, is the world’s largest cannabis website, Azer said. It draws more than 13 million visitors monthly.

As Canada prepares for recreational legalization in October and products like vapes and edibles next year, Leafly could provide Tilray with an analytical edge over rivals.

“We believe this is critical in the Canadian adult-use market given the form-factor rollout for vapes and edibles in 2019,” she said.

As legalization expands, the language of marketing and connoisseurship has found its way into the marijuana industry. Weed is no longer just weed, the way it was in decades past. More customers could be enticed by the idea of variety, the way they have with, say, craft beer.

Case in point: U.S. marijuana retailer MedMen, in its magazine Ember, this month published an article in which its cannabis “curator” selected his top five strains of the season. Durban Poison, the top pick, was described as “joyful, mellow, floral.” Wedding Cake, the No. 5 selection, was “peppery, effervescent, then sleep-inducing.”

Booze Lifts Marijuana Stocks

Marijuana stocks got a big lift Friday, as Bloomberg reported that Diageo (DEO), the owner of Guinness and maker of Johnnie Walker, has met with at least three pot producers over the last month as it weighs whether to strike a deal to make pot-laden drinks.

Diageo would only say to Bloomberg that “we are monitoring this space closely.”

The news comes after Corona parent Constellation Brands (STZ) announced a $3.8 billion investment in Canopy Growth (CGC) earlier this month.

Molson Coors (TAP) also said this month that its Canadian business unit planned to offer marijuana beverages via a joint venture. The alcohol industry for the past several years has fretted quietly in SEC filings over the threat legal pot presents to their business.

Shares of Tilray jumped 14.7% to close at 43.86 in the stock market today. Canopy climbed 8.4%. Cronos Group (CRON) surged 16.4%.

Charlotte’s Web Hikes IPO Price

As Tilray prepares to report, Charlotte’s Web Holdings, a company based in Boulder, Colo., is preparing to go public in Canada, likely on the Canadian Securities Exchange.

The company, which makes cannabidiol hemp oils, topicals and capsules, priced its IPO at 7 Canadian dollars per share, the high end of its expectations. The company sold 14.3 million shares, more than anticipated, generating proceeds of 100.1 million Canadian dollars, according to a regulatory filing on Wednesday.

The filing, which reported sales and profits in U.S. dollars, also shows that Charlotte’s Web reported net income of $3.7 million during the quarter ended June 30 and $7.5 million last year. Other marijuana companies, like Canopy and MedMen, have put up losses as they invest in expansion.

Charlotte’s Web’s sales last year soared 172% to $40 million. Sales during its prior quarter were $17.2 million. The company said it believes it “has an opportunity” to reach $65 million to $80 million this year. It expects to have 300 acres of cultivation in 2018.

The company, like others, is also looking abroad, saying that “global distribution is paramount to its growth” over the next two years, according to the filing. Charlotte’s Web, for now, is focusing on markets in the European Union, South America and Asia.

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