Canadian marijuana producer Tilray reports $271 million loss for year

Cannabis producer Tilray cut its annual loss to $271 million for 2020, an improvement from the Nanaimo, British Columbia company’s $321 million loss in 2019, according to the full-year and fourth-quarter results released Wednesday.

Tilray, which is on the verge of being merged with Canadian peer Aphria, lost only $3 million in its fourth quarter ended Dec. 31, 2020.

Adjusted EBITDA was $2.2 million.

Fourth-quarter revenue improved over the previous quarter in three key areas:

  • Adult-use cannabis sales rose to $25.4 million (27% higher).
  • Canadian medical revenue was $4.2 million (24% higher).
  • International medical revenue was $11.7 million (44% higher).

Tilray reports its financials in U.S. dollars.

Overall revenue rose to $56.6 million in the quarter, up from $51.4 million for the July-September period.

Revenue attributed to cannabis was $41.2 million, up from the previous quarter’s $31.4 million.

Hemp revenue, on the other hand, fell 23% quarter-over-quarter to $15.3 million.

Tilray said its combination with Aphria is expected to close in the second quarter of this year.

“Scale matters, in both Canada and beyond,” CEO Brendan Kennedy said during a conference call with analysts.

“The combined company will be the largest global cannabis company based on pro forma revenue, with scale and breadth across geographies and complete portfolio of market-leading brands in all major cannabis product categories.

“We are in the early stages of the continued development and expansion of the global cannabis market.”

The company reported cash of $261.3 million as of Feb. 16, 2021.

Tilray shares trade as TLRY on the Nasdaq exchange, and Aphria shares trade as APHA on the Nasdaq and Toronto Stock Exchange.

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One comment on “Canadian marijuana producer Tilray reports $271 million loss for year
  1. Boom And Busted on

    Way better investments out there, cannabis companies are still too overvalued and pumped by speculators, I’m sticking psychedelic companies that haven’t hit mainstream yet like MindMed.

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