Shares of Canadian cannabis company Tilray (TLRY) - Get Report  were falling more than 11% in premarket trading Wednesday to $40.90 following the company's second-quarter earnings miss. The stock, however, could get a boost from a bullish note from Piper Jaffray. 

The Nanaimo, British Columbia, company reported an adjusted loss of 32 cents a share against the FactSet-derived analyst consensus of a loss of 25 cents.  Revenue more than quadrupled to $45.9 million. Analysts were expecting revenue of $41.1 million.

The wider loss and a decline in adjusted earnings before interest, taxes, depreciation and amortization were driven by increased operating expenses tied to growth initiatives, Tilray said.

Analysts at Piper Jaffray believe that while Tilray will face some near-term headwinds it is still well-positioned to be the big winner in the cannabis space. 

"We expect Tilray to remain in investment mode to drive growth and do not expect positive earnings in near-term," analyst Michael Lavery wrote. 

The company reported a drop in average net selling price per gram to $4.61 from $6.38 a year earlier as the sales mix reflected less of higher-priced extracts and more of lower-priced adult-use product.