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

Survivor compensated for Sixties Scoop

Meraw recently received compensation from the Sixties Scoop Settlement

Interim payments issued to survivors

Interim payments issued for claims made through Collectiva’s Class Action Sixties Scoop Settlement

Advocacy for Secwepemc language

Archie believes Secwepemc language learning can steer First Nation children toward a positive life

Pruden plans to step down

Pruden will not run as an incumbent for the Métis women’s chair during this year’s MNBC election

Sport camps to help youth become better overall athletes

Athletic camps for youth coming to valley this month

QUIZ: Do you know the truth?

In what has been described as a post-truth era, how much do you know about truth and lies?

Simon Cowell breaks his back falling from electric bike

Incident happened at his home in California

VIDEO: Internet famous Yukon-based bhangra dancer explores Vancouver Island

Gurdeep Pandher spreads joy through dance, forms cross-cultural connections amid pandemic

Unofficial holidays: the weird and wonderful things people celebrate around the world

On any given day of the year, there are several strange, silly or serious holidays to observe

Moving on: Tanev scores 11 seconds into OT as Canucks oust Wild

Vancouver beats Minnesota 5-4 to move into first round of NHL playoffs

Gene editing debate takes root with organic broccoli, new UBC research shows

Broccoli is one of the best-known vegetables with origins in this scientific haze

VIDEO: U.S. Air Force pilot does fly-by for B.C. son amid COVID border separation

Sky-high father-son visit plays out over White Rock Pier

3 Vancouver police officers test positive for COVID after responding to large party

Union president says other officers are self-isolating due to possible exposure

New mothers with COVID-19 should still breastfeed: Canada’s top doctor

Dr. Theresa Tam made the recommendation during World Breastfeeding Awareness Week

Most Read