Home Industries Food/Beverages/Tobacco Cannabis Watch GET EMAIL ALERTS Tilray sells five times as much pot, thanks to European efforts and hemp acquisition
Tilray Inc. sold nearly five times more pot than last year, according to a quarterly earnings report released Thursday, in part thanks to the acquisition of the world’s largest hemp-food maker and early returns from selling medical marijuana in Europe. Tilray TLRY, -2.97% reported a third-quarter net loss of $35.7 million, or 36 cents a share, versus $18.7 million, or 20 cents a share, in the year-ago period. Revenue rose to $51.1 million from $10.1 million in the year-ago period, surpassing Wall Street expectations. Excluding excise taxes, revenue was $48.2 million. Of its total revenue, $15.7 million is from hemp products, the result of its acquisition of Manitoba Harvest earlier this year. Tilray sold $15.8 million worth of recreational weed. International medical cannabis sales increased to $5.7 million from $949,000 a year ago. Tilray Chief Executive Brendan Kennedy said in an interview with MarketWatch that he attributes the international cannabis sales to investments the company made in 2017 and 2018 that are now beginning to bear fruit. Cannabis Watch: How much worse can it get for underperforming weed companies? “[International revenue] will definitely increase,” he said. “And in Germany, we see continued demand, we see demand for high-quality GMP [good manufacturing practices] flower. We’ve proven…
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Source : CANNANNEW REPORT
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