Cannabis, alcohol company Tilray reports revenue decline, hints at M&A

Canada-based cannabis and alcohol company Tilray Brands reported a second-quarter net loss of $61.6 million ($82.4 million Canadian dollars) on net revenue of $144.1 million.

That $144.1 million net revenue figure for the quarter ended Nov. 30 represents a roughly 6% decline from the $153.2 million in net revenue reported during the previous quarter. (Tilray reports its financial results in U.S. dollars.)

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Canadian adult-use cannabis net revenue was $52.4 million before adjusting for excise taxes, a decline of about 10% from the previous quarter.

On a Monday morning call with investors and analysts, Tilray CEO Irwin Simon said the company’s Canadian adult-use cannabis business maintained leading market share in Canada’s marijuana market, at 8.3%.

Simon said the company’s Canadian division has a plan involving “new innovation, new distribution, taking (market) share, and potentially other acquisitions in the Canadian market” to achieve a “double-digit share.”

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Canada-based cannabis and alcohol company Tilray Brands reported a second-quarter net loss of $61.6 million ($82.4 million Canadian dollars) on… Continue reading
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