Tilray Reports Fiscal Fourth Quarter Results

In #finance #news, Tilray discloses full #fiscal year and fourth quarter results, in the company’s first earnings report since closing on its mega-merger with #Aphria in #May. The B.C.-based #cannabis producer revealed a sequential revenue increase of 16 percent for the quarter ending #May 31st, to 142 #million #dollars, falling short of analyst expectations. While cannabis sales grew, and included 4 weeks of post-merger contribution, they still only accounted for 38 percent of total revenue, with the rest coming from the company’s #German #pharmaceutical subsidiary, #Colorado craft #beer brewer Sweetwater, which the company acquired in #November, and #American #hemp #food #manufacturer Manitoba #Harvest. According to #CEO Irwin Simon, Tilray’s U.S. expansion will be driven by food and #alcohol enterprises of the two businesses, as well as a possible option-based deal with an MSO, based on his assumption of federal #marijuana legalization happening within the next two years. While overall 2021 #revenue increased from last year to 513 million dollars, net losses also surged, to 336 million over 100.8 million in 2020. The significant jump was attributed to transaction costs from the Aphria deal and an unrealized loss in convertible debentures. Simon remains optimistic, however, highlighting Tilray’s 35 million dollars in cost savings resulting from the merger and saying they are on track to reach their aim of 80 million in the next 16 months. He further set out a goal of achieving 4 #billion dollars in revenue by 2024, and garnering 30 percent of market share in #Canada. Despite not meeting analyst predictions, Tilray’s results prompted a 26 percent stock jump the day of their release. Their shares trade on the #Nasdaq as TLRY.
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William Bradley

William Bradley

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