[10th January] – Leading cannabis firm, Tilray Brands Inc., has disclosed a net loss of US$46.2 million in its most recent quarter, even as its revenue experienced a notable 34% increase compared to the corresponding period last year. The financial report, denominated in U.S. dollars, indicates a loss equivalent to seven cents per diluted share for the quarter concluding on November 30.
This figure marks an improvement from the prior year's results, wherein Tilray reported a loss of US$61.6 million or 11 cents per diluted share. The positive trend in net revenue continued as the company recorded a total of US$193.8 million for its second quarter, up from US$144.1 million during the same period the previous year.
Tilray's Chairman and Chief Executive, Irwin Simon, attributed the company's financial performance to several key factors. Simon stated, “The company grew revenue, enhanced its capital structure, and realized operating synergies.” Additionally, the report highlighted Tilray's strategic move in September 2023 when it completed the acquisition of eight beer and beverage brands from Anheuser-Busch. The acquired brands include Shock Top, Breckenridge Brewery, Blue Point Brewing Co., 10 Barrel Brewing Co., Redhook Brewery, Widmer Brothers Brewing, Square Mile Cider Co., and HiBall Energy.
The financial disclosure underscores Tilray's commitment to strategic growth initiatives and its ability to navigate the dynamic cannabis market. The report by The Canadian Press was initially published on January 9, 2024.
This story was first published by BNN Bloomberg.