Tilray Inc. (TLRY) shares traded higher Wednesday after the Canadian cannabis group posted stronger-than-expected first quarter sales, while its domestic rival Aurora Cannabis (ACB - Get Report) slumped after its revenues missed analysts' forecast amid caps on retail store growth in the Canadian market. 

Tilray said revenues for the three months ending in March rose 195% from last year to $23 million, as sales in Canada surged following its decision to legalize cannabis for recreational use, but a 5.7% fall in the average price per kilogram sold meant the Nanaimo, British Columbia-based group posted a loss of 27 cents per share, missing Street forecasts by a penny.

Tilray CEO Brendan Kennedy also said the company was looking to further its partnerships with U.S. and international firms as the potential $150 billion global market for cannabis undergoes a generational change in both regulation and consumer acceptance.

"We've been inundated with contacts from Fortune 500 companies who are interested in exploring partnerships with Tilray," Kennedy told investors on a conference call late Tuesday. "And it's a range of companies from a broad variety of industries. And generally the deals that have been done with other companies, we generally talk to those people at some point in their process right."

"We're also starting to have conversations with U.S. retailers who are interested in carrying CBD product in the second half of this year," he added. "Some of the conversations are focused around carrying our products and other conversations revolve around essentially contract manufacturing some of their in-house brands using Tilray sourced cannabinoid."

Tilray's U.S.-listed shares were marked 0.1% higher at $48.80 each at the start of trading Wednesday, a move that would still leave the stock nursing a year-to-date decline of 30%.

Edmonton, Alberta-based Aurora Cannabis, meanwhile, was marked 3.4% lower at $8.10 each in pre-market trading after its fiscal third quarter revenues of C$75.2 million missed Street forecasts of C$77.2 million and consumer cannabis sales were just under C$30 million as provincial regulators limit the number of retail outlets.

"I'm exceptionally proud of our company and team as Aurora continues to deliver on our domestic and international growth strategy. We achieved solid revenue growth and strong operating results in a quarter proven challenging across the industry. We are laser focused on building a long-term sustainable business," said CEO Terry Booth. "During the quarter, we formally welcomed Nelson Peltz a key strategic advisor. He has been incredibly engaged, collaborative, and strategically focused on assisting our pursuit of growth in global markets and with mature companies in adjacent industries."

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