Tilray President Brendan Kennedy at head office in Nanaimo in 2017. THE CANADIAN PRESS/Chad Hipolito

Tilray President Brendan Kennedy at head office in Nanaimo in 2017. THE CANADIAN PRESS/Chad Hipolito

Tilray reports Q2 loss grew to US$35M, revenue up

Nanaimo-based cannabis company compares results with a year ago, prior to legalization

Cannabis company Tilray Inc. reported a loss in its latest quarter as revenue soared.

The B.C.-based company, which keeps its books in U.S. dollars, says it lost US$35.1 million or 36 cents per share for the quarter ended June 30.

The result compared with a loss of $12.8 million or 17 cents per share in the same quarter last year.

Revenue totalled $45.9 million, up from $9.7 million.

RELATED: Nanaimo’s Tilray adds 20 hectares of cannabis growing space in Portugal

Tilray says the total kilogram equivalents sold more than tripled to 5,588 kilograms from 1,514 kilograms in the prior year period.

However, the average net selling price per gram fell to $4.61 compared with $6.38 a year ago due to a reduced mix of higher priced extract products.

The Canadian Press

Like us on Facebook and follow us on Twitter