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The raw numbers don’t support investing in the hype machine that has become Tilray (TLRY).

And make no mistake: the hype around the cannabis player once again flew as freely as smoke from a lit joint on the company’s third quarter earnings call Tuesday.

“What you will hear is how the results reflect the beginning of a global transformation of a $150 billion industry from the state of prohibition to the state of legalization. As we have discussed with you in the past, this continues to accelerate and become a reality,” Tilray CEO Brendan Kennedy told five stock analysts on a conference call.

Kennedy, who several months ago predicted Tilray would someday be worth $100 billion, has helped to stoke interest among retail investors day-trading the momentum stock from home. To Kennedy, Tilray is poised to capitalize on global adult use of legal weed and cannabis being among the drug of choice for medical purposes. The ability of Kennedy to pitch Tilray as the next big thing – coupled with enthusiasm on the cannabis space at large — has pushed the stock up some 500% since the company’s July IPO. Tilray now has a market cap of more than $10 billion, despite no clear sign when profits will become the quarterly norm.

At least that’s the takeaway from Tilray’s second earnings report as a public company.

Tilray sold 1,613 kilograms –- or about 3,556 pounds –- of cannabis in the third quarter, from 684 kilograms in the same period of last year.

Increased patient demand, bulk sales and wholesale distribution in Tilray’s export markets drove revenue to $10.04 million in the quarter, an 86% increase over last year. Losses, excluding some items, were 8 cents per share, narrower than consensus expectations of an adjusted 11-cent loss per share, according to Bloomberg data.

Tilray’s net loss, which includes stock-based compensation charges and higher operating costs, rose to $18.7 million, or 20 cents per share, compared with $1.8 million a year ago.

But several numbers suggest greater caution is warranted by those Tilray momentum traders:

• Tilray’s net selling price per gram fell to $6.21 from $7.53. The company blamed greater bulk sales of products to customers.

• Gross profit margins tanked to 31% from 55% a year ago also because of more bulk product sales. Execs on the call reiterated they see 50% profit margins over the long term.

• Tilray has racked up $34 million in operating losses year to date as it works to expand its operations and pays out stock-based compensation to executives.

Tilay shares dropped 6% in early trading Wednesday to around $106.