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.

Tilray Earnings

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.

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