Tilray reports $66 million loss as cannabis sales decline

Cannabis and alcohol company Tilray Brands lost $65.8 million (90 million Canadian dollars) in the first quarter ended Aug. 30 as net revenue declined 9% year-over-year to $153.2 million.

Tilray was hit by volatile currencies in the quarter, which shaved as much as $13.3 million off the company’s sales figure in the June-August period, the Ontario- and New York-headquartered company announced early Friday.

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Revenue would have come in at $166.5 million on a constant currency basis, Tilray said.

On a call with stock analysts, CEO Irwin Simon said the company also took a revenue hit from wholesale disruptions in two of Canada’s largest markets.

“With (British Columbia) being on strike and our (wholesale) issue in Ontario … you’ll see those pick up in this quarter and next quarter,” he said.

Regarding U.S. President Joe Biden’s announcement Thursday calling for a review on whether marijuana should remain a Schedule

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Cannabis and alcohol company Tilray Brands lost $65.8 million (90 million Canadian dollars) in the first quarter ended Aug. 30… Continue reading
The post Tilray reports $66 million loss as cannabis sales decline appeared first on GrowCola.com.