Photo courtesy of Tilray. 

Tilray Inc TLRY shares were moving higher Tuesday after the cannabis company reported a third-quarter earnings beat.

Earnings came in at a loss of 36 cents per share, missing estimates by 6 cents. Sales came in at $51.1 million, beating estimates by $1.51 million.

“Our performance in the third quarter, including solid revenue growth and sequential gross margin expansion, reflects the positive business trends we have underway,” Brendan Kennedy, Tilray’s president, and CEO, said in a statement.

“We are in the early days of seeing our strategic initiatives bear fruit — including our European expansion, brand portfolio evolution, and strategic partnership product launches. We continue to expect significant growth in the fourth quarter and into 2020.”

Third Quarter Highlights:

• Revenue increased 409% year-over-year
• Net selling price per gram was $3.25, down from $6.21 year-over-year.

Tilray shares were down 1.34% at $21.28 in Tuesday's after-hours session.