Tilray products such as capsules, oils, and dried marijuana are shown at the company’s head office in Nanaimo, B.C. (Chad Hipolito/The Canadian Press)

B.C.-based pot producer Tilray reports revenue surge, net loss

Company remains excited about ‘robust’ cannabis industry

B.C.-based cannabis producer Tilray reported an 85 per cent jump in quarterly revenue year-over-year to US$10 million, but a wider net loss during its third quarter.

The Nanaimo-based company posted a quarterly net loss of US$18.7 million during the three months ended Sept. 30, compared to US$1.8 million in the third quarter of 2017.

Analysts had expected revenues of US$10.1 million and a loss of US$12.7 million, according to Thomson Reuters Eikon.

READ MORE: Nanaimo’s Tilray Inc. briefly the world’s largest cannabis company

READ MORE: Puff, puff, pass: Cannabis is officially legal across Canada

The marijuana producer, which has a market capitalization of roughly US$10.2 billion, says the higher net loss was due to higher operating expenses related to growth and international expansion.

Tilray says other factors driving up its net loss include costs related to financing and its initial public offering on the Nasdaq in July.

The company’s average net selling price was US$6.21 per gram in the quarter, down from US$7.53 during the same period a year ago, primarily due to an increase in bulk sales as a percentage of total revenue.

“The cannabis industry remains very robust and we are pleased with our revenue momentum and strategic achievements in the third quarter,” said Tilray’s chief executive officer Brendan Kennedy in a statement.

“We are in the early stages of achieving our growth potential and our team continues to strategically execute on disciplined operational initiatives and investments to support Tilray’s long-term, sustainable growth as the pace of legalization continues to accelerate around the world.”

The Canadian Press


Like us on Facebook and follow us on Twitter.

Just Posted

Hospital’s Chief of Staff asks for vigilance

Doctor stresses vigilance and compliance to guidelines to mitigate future surge in COVID-19 cases

Alone together

How local families are coping during COVID-19

Checking in

Pioneer staff hope you’re doing okay. Here’s a message from the editor.

Invermere campus shares medical supplies

Invermere College of the Rockies campus shares supplies with healthcare workers

Q&A: Interior Health CEO answers questions on COVID-19 response

Susan Brown, president and CEO of Interior Health, answers questions regarding COVID-19

B.C. couple celebrates 61st anniversary through seniors’ home window

Frank and Rena Phillips marked occasion at Nanaimo Seniors Village this week while social distancing

A look at some of the B.C. inventors creating life-saving tools in fight against COVID-19

Groups across B.C. are working together to create what they hope will help people affected by the pandemic

Association launches French-language games, online tools for families learning at home

Games, culture and vocabulary included in new virtual resources

‘There can be no ambiguity’: Travellers brought home to B.C. must self-isolate

Health Minister Adrian Dix said the mandatory isolation must be abided by

Interior Health confirms five additional cases in Okanagan COVID-19 outbreak

The total amount of confirmed cases at Bylands Nurseries Ltd. is 19; no further cases expected

55+ BC Games cancelled amid COVID-19 concerns

Greater Victoria set to host 2021 event

ANKORS East Kootenay details concerns surrounding harm reduction amid COVID-19

Harm reduction providers are having to keep up with rapidly changing situation

BC Hydro offers three-month bill ‘holiday’ for those affected by COVID-19

Industrial customers can defer half of their power bills

Some April Fool’s Day jokes bring much-needed laughter; others tone deaf to COVID-19

Police are warning the public not to use the ongoing pandemic as a punchline

Most Read