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

Okanagan’s oldest mayor shows no sign of slowing down

Mayor James Baker has decades of history in his political career

Support for Penticton shooting victim

A GoFundMe has been started for one of the four people killed April 15

Kelowna man sets personal best at 2019 Boston Marathon

Vik Bains returns from Boston with a sub-3 hour time

Truck crashed and dumped near Predator Ridge

Police are looking for two men in connection with a stolen vehicle

FOODIE FRIDAY: Brodo Kitchen makes special poutine

Brodo Kitchen features homemade comfort food and a spin on Gnocchi, transformed into poutine

Storytelling preserves Secwepemc culture, history in Shuswap

Neskonlith councillor Louis Thomas to share his craft at Word on the Lake Writers’ Fest in Salmon Arm

Flooding, climate change force Quebecers to rethink relationship with water

Compensation for victims of recurring floods limit to 50% of a home’s value, or a maximum of $100,000

Storms blast South, where tornadoes threaten several states

9.7 million people in the Carolinas and Virginia at a moderate risk of severe weather

Private cargo ship brings Easter feast to the space station

There are three Americans two Russians and one Canadian living on the space station

Notre Dame rector: “Computer glitch” possible fire culprit

The fire burned through the lattice of oak beams supporting the monument’s vaulted stone ceiling

Man seriously injured after driving wrong way down B.C. highway

Police say the driver hit a transport truck, then another car after merging from the off-ramp onto highway

Candidates ready for Summerland Blossom Pageant

Royalty pageant will be held at Centre Stage Theatre on May 3 and 4

Shuswap society finds pets often suffer in domestic abuse cases

SPCA, SAFE Society working together to provide shelter for pets of women fleeing abuse

Most Read