- Cannabis company Tilray Brands (TSX:TLRY; NDAQ:TLRY) reported a 34 per cent rise in revenue during its latest quarter
- Net revenue for the quarter totalled a record US$193.8 million, up 34 per cent from US$144.1 million in the same quarter a year earlier
- Revenue from its alcoholic beverage segment more than doubled to US$47 million, representing a 117 per cent increase
- Tilray Brands, Inc. last traded at C$3.12 per share
Cannabis company Tilray Brands (TSX:TLRY; NDAQ:TLRY) reported a 34 per cent rise in revenue during its latest quarter.
The Leamington, Ontario-based cannabis producer reported a net loss of US$46.2 million during its Q2 2024.
The loss amounted to 7 cents per diluted share and this compared with a loss of US$61.6 million or 11 cents per diluted share from last year.
Net revenue for the quarter ended Nov. 30, 2023, totalled a record US$193.8 million, up 34 per cent from US$144.1 million in the prior year quarter.
Cannabis revenue rose 35 per cent at US$67 million, but gross margin in the cannabis business dropped to 31 per cent from 43 per cent last year. Adjusted cannabis gross margin was 35 per cent compared to 43 per cent in the same quarter a year earlier.
Revenue from its alcoholic beverage segment more than doubled to US$47 million, representing a 117 per cent increase. Last autumn, Tilray expanded its beverage portfolio with the acquisitions of Shock Top, Blue Point Brewing Company and six other beer and beverage brands from Anheuser-Busch.
Tilray’s premium cannabis brand Riff recently launched its new Riff Boost beverage collection that features two new ready-to-drink THC- and CBG-infused drinks.
Tilray Brands, Inc. is a leading global cannabis-lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia and Latin America.
Tilray’s mission is to be the trusted partner for its patients and consumers by providing them with a cultivated experience and health and well-being through high-quality, differentiated brands and innovative products. Tilray’s production platform supports more than 20 brands in more than 20 countries, including comprehensive cannabis offerings, hemp-based foods, and alcoholic beverages.
Tilray Brands, Inc. last traded at C$3.12 per share and its share price on the NASDAQ has risen more than 30 per cent in the past month.
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