Tilray revenue soars nearly 200%, net loss grows in first quarter

Tilray says that growth came from cannabis legalization last year in Canada

Tilray product line capsules, oils, and dried marijuana are shown at head office in Nanaimo, B.C., on November 29, 2017. THE CANADIAN PRESS/Chad Hipolito

Tilray Inc. says its revenue rose nearly 200 per cent in its most recent quarter, but its net loss also grew.

The Nanaimo, B.C.-based company, which keeps its books in U. S. dollars, says its revenue grew 195.1 per cent to US$23 million for the first quarter ended March 31 compared to $7.8 million in the same quarter the previous year.

READ MORE: B.C.- based Tilray to focus investments on U.S., Europe as Canadian assets ‘overpriced

Tilray says that growth came from cannabis legalization last year in Canada, as well as additional sales from its acquisition of Manitoba Harvest which closed during the quarter and strong growth in medical markets abroad.

The company’s net less was $30.3 million or 32 cents per share compared to $5.2 million or seven cents per share for the first quarter of the previous year.

Its adjusted net loss, which accounts for non-recurring acquisition related charges, was $25.2 million or 27 cents per share.

Analysts surveyed by Thomson Reuters Eikon expected revenue of $20.22 million and a net loss of $22.80 million or 25 cents per share.

Tilray says the higher net loss comes primarily due to increased operating expenses related to growth initiatives, the addition of Winnipeg-based Manitoba Harvest and the expansion of international teams.

The Canadian Press

Like us on Facebook and follow us on Twitter

Just Posted

Beefs & Bouquets, May 23

To submit a beef or a bouquet to the Nanaimo News Bulletin, e-mail bulletinboard@nanaimobulletin.com

Nanaimo Timbermen want to keep trending upward

Senior A lacrosse team, coming off a 2018 playoff appearance, about to start 2019 WLA season

Bookfest helps fill school library shelves leading up to next week’s event

Vancouver Island Children’s Book Festival is June 1 at downtown Nanaimo venues

Students get a look at some of the City of Nanaimo’s inner workings

Hundreds of students participate in Public Works Day

Young Nanaimo man dies after losing control of ATV

Accident claimed the life of a 23-year-old south of Nanaimo over the long weekend

Nanaimo Timbermen want to keep trending upward

Senior A lacrosse team, coming off a 2018 playoff appearance, about to start 2019 WLA season

Christmas morning burglar sentenced in Nanaimo

Justin Redmond Feusse, 20, sentenced to 240 days in jail for Christmas day break-and-enter

RCMP searching for missing Vancouver Island teenager

16-year-old Lasheena Seward was reported missing from a group home in Port Alberni

Nanaimo astronomers can hear about ultraviolet telescope’s galactic calculations

Canada’s space telescope to look at blue end of light spectrum to unveil mysteries of the universe

UPDATE: Suspected drunk driver crashes into line-painting truck on the highway in Nanaimo

Crash happened at 1 a.m. Wednesday on the Trans-Canada Highway near Duke Point Highway

Bastion Street bridge closed for construction work

Span connecting downtown to Old City Quarter closed to vehicle traffic for six weeks

Thunderstorms to bring heavy rain, risk of flash floods in the Okanagan

Ten to 30 millimetres of rain to fall over the early weekend

Unbe-leaf-able: Agassiz man finds more than 200 four-leaf clovers in a month

Walt Hardinge has found more than 219 four-or-more leaf clovers this spring alone

Crews fight fire with fire to keep blaze from northern Alberta town

The wildfire now covers some 920 square kilometres

Most Read