Tilray posts 43% increase in quarterly sales thanks to strong demand for cannabis

Oct. 7 (Reuters) – Canadian pot producer Tilray Inc (TLRY.TO) on Thursday reported a 43% increase in first-quarter revenue on Thursday, driven by strong demand for cannabis after lockdowns caused by coronaviruses.

The world’s largest cannabis producer by sales said its revenue reached $ 168 million in the quarter ended Aug.31, from $ 117.49 million a year earlier. Net cannabis revenues jumped 38%.

Cannabis products have seen a massive surge in popularity this year as more people have turned to them for relaxation during the months-long isolation caused by COVID-19, boosting producer sales. of pots.

The company said it was on track to realize at least $ 80 million in savings from its merger deal with Aphria.

Tilray, who announced the deal in December, added that he had saved around $ 55 million on a run rate basis to date through the deal, with actual savings of nearly $ 20 million. dollars.

Tilray’s net loss widened to $ 34.6 million in the first quarter from $ 21.74 million as total expenses more than doubled.

Report by Sahil Shaw in Bengaluru; Editing by Maju Samuel

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