Tilray Brands Inc. reported a second-quarter net loss of US$61.6 million in its most recent quarter as it temporarily slowed cannabis production because of the “longer-than-anticipated march toward legalization” in some markets.
Among the markets whose timing is hampering the Leamington, Ont. pot company is the U.S., where its chief executive said, “we do not expect (legalization) to happen at any time in the near future.”
“In the U.S., participation in the adult-use cannabis market has always been very important to us and integral to our long-term strategy,” Irwin Simon told analysts on a call on Jan. 9.
“However, as long as cannabis remains federally illegal in the U.S. we will not engage directly in business that touch the cannabis plant to fully optimize the value and strength of our U.S. business.”