Tilray
Tilray has enjoyed a series of significant bumps in stock price over the last couple of weeks, driven largely by last week’s fervent speculation over the President’s social media posts.
However, Tilray investors will be hoping that this week’s additional bump will be more substantive and durable, thanks to the company’s largely unexpectedly positive Q1 performance.
On October 10, Tilray Brands reported solid top-line growth in its first quarter of fiscal 2025, with revenue rising 13% year-on-year to US$200m, thanks to continued growth in its beverage alcohol segment.
Gross profit increased 35% to $59.7m and gross margin expanded by 500 basis points to 30%, aided by higher-margin sales and efficiency improvements. The company’s net loss narrowed by 38% to $34.7m, or $0.04 per share, while adjusted EBITDA declined 13% to $9.3m as marketing and restructuring expenses offset stronger gross performance.
Net cannabis revenue fell 13% year over year to $61.2m, down from $70.3m in the prior-year period, largely reflecting weaker international sales and continued excise tax burdens in Canada.
Despite the revenue decline, profitability within the segment strengthened. Gross margin improved to 40%, up from 35% in the prior-year period, driven by tighter cost control, SKU optimisation, and a more profitable domestic mix.
Revenue came well ahead of expectations but with lighter profitability, prompting a mixed reaction from analysts and driving fresh debate on valuation and capital strategy.
Roth Capital Markets’ Bill Kirk maintained a Neutral rating on 10 October, lifting his 12-month target to US$2.00 from US$0.60.
Kirk wrote that: “Permitting issues in Portugal appear to be improving, with Tilray receiving the same number of licenses over the past two weeks as it had in the previous two months,” adding that Q2 will still reflect some disruption, though Canada remains resilient.
He also noted, “The Canadian adult-use segment led the quarter, with volumes up 6.5% and pricing up 2% versus industry averages of -1.3%,” and that upside, “will be predominantly determined by US legislative outcomes.”
Meanwhile, Zacks upgraded Tilray to Rank #2, Buy, citing improving earnings estimate revisions, while The Motley Fool flagged near-term dilution risk following an SEC filing for additional share sales.
The upgrade reflects a positive trend in consensus earnings estimates, which Zacks argues is a key driver of near-term share price performance.
Tilray’s latest results and analyst coverage paint a cautiously improving picture for the company, which like many of its peers, has seen its stock price slide continually over the last two years, dragged by poor financial performance. For now, Tilray appears to be regaining operational footing and market attention, with investors rewarding tangible progress rather than speculative policy bets.
Corbus Pharmaceutical
Corbus Pharmaceuticals Holdings may no longer be a cannabis stock in the traditional sense, but its origins keep it within the orbit of life-science names once grouped under the medical-cannabis banner.
Founded in 2014, the company initially drew attention for lenabasum, a synthetic cannabinoid developed to treat inflammatory and fibrotic diseases. As regulatory progress and funding opportunities in cannabis-derived therapeutics slowed, Corbus pivoted toward oncology and metabolic disorders, while retaining scientific expertise in cannabinoid and receptor-based pathways.
That legacy continues through CRB-913, a peripherally restricted CB1 inverse agonist in development for obesity — a mechanism rooted in endocannabinoid system research.
Today, Corbus is positioning itself as a clinical-stage oncology and obesity company with a diversified small-molecule and biologics pipeline. Its lead programme, CRB-701, is a next-generation antibody-drug conjugate (ADC) targeting Nectin-4, a tumour-associated antigen validated in urothelial and head-and-neck cancers. The company also develops CRB-601, an anti-integrin monoclonal antibody designed to block TGFβ activation in cancer cells, and CRB-913, its cannabinoid-based obesity candidate.
Corbus’ shares have rallied sharply in recent weeks following two key catalysts. On 16 September 2025, the US Food and Drug Administration granted Fast Track designation for CRB-701 in head-and-neck squamous cell carcinoma (HNSCC), marking its second such designation after metastatic cervical cancer in 2024. The announcement signalled growing regulatory confidence in the programme’s clinical potential and triggered the start of a sustained share-price run.
Momentum continued after the company’s 14 October confirmation that it will present updated Phase 1/2 data at the European Society for Medical Oncology (ESMO) 2025 Congress on 19 October. The dataset will include 122 evaluable patients across several tumour types, and Corbus will host a key opinion leader event in Berlin to discuss the results. Investor anticipation ahead of the presentation has fuelled further gains, with the stock up roughly 60–70% month-to-date and more than 150% since August.
With a cash balance of $116.6m as of its Q2 2025 update, providing runway into 2027, and a Moderate Buy analyst consensus with an average 12-month target of $45, Corbus has regained market visibility as one of the year’s stronger-performing biotech names.
Stenocare
In Denmark, Stenocare delivered one of its strongest quarters in recent memory, with trading activity surging amid renewed retail interest and improving sentiment in the Nordic cannabis space.
According to Nasdaq Nordic’s Q3 trading statistics, Stenocare’s share price rose 120.5% during the quarter, climbing from DKK 0.54 on 30 June to DKK 1.20 on 30 September, while turnover reached DKK 24.1 m on 21.5 m shares traded. The company’s market capitalisation doubled to roughly DKK 50 m, marking its highest quarterly gain since 2021.
Trading velocity (total turnover relative to average market capitalisation) accelerated sharply to 209.7%, compared with a broader First North Denmark benchmark of 40.7%, signalling an unusually high level of liquidity for a small-cap stock.
Retail participation was particularly pronounced as internet brokers accounted for 49.5% of turnover and nearly 56% of trades. Nordic banks contributed a further 35.2% of value traded, while global investment banks represented 15.2%.
The stock hit a quarterly high of DKK 1.68 on 27 August and a low of DKK 0.40 on 7 July, reflecting significant intra-quarter volatility. The volume-weighted average price (VWAP) stood at DKK 1.12, suggesting that the bulk of buying occurred above prior support levels. Stenocare traded on 113.8% of available market days, implying consistent liquidity throughout the quarter.
