Canadian, overseas medical cannabis sales drive Tilray’s revenue higher

British Columbia-based cannabis producer Tilray reported third-quarter revenue of $51.1 million (CA$67.8 million), a 408% jump from the same period a year earlier.

Tilray also booked an 11% improvement from the second quarter’s $46 million, in line with consensus estimates.

The higher revenue was driven by medical sales in Canada and overseas.

Bulk shipments of medical cannabis and direct-to-patient sales within Canada rose to almost $14 million in the quarter ending Sept. 30, up from $9 million in the previous period.

International sales of medical marijuana jumped to $5.7 million, up sequentially from $1.85 million.

However, Tilray’s adjusted EBITDA loss widened in the quarter to $23.5 million.

The amount of cannabis sold doubled in the quarter to 10,848 kilograms (23,916 pounds), the company said in a news release.

Sales of adult-use cannabis in Canada we flat at $15.8 million, which is about $700,000 more than the previous quarter.

Tilray trades as TLRY on the Nasdaq.

A chart displaying the quarterly earnings for major cannabis companies is available here.

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