Tilray, a British Columbia, Canada-based cannabis cultivator and distributor, reported revenue of $23 million for the first quarter of 2019, up 195% from the same period last year.
The company’s net loss, however, widened nearly sixfold on higher spending.
Tilray, which reports its earnings in U.S. dollars, said in a news release the sales gain reflects:
- The legalization of recreational cannabis in Canada last October.
- The addition of hemp food sales via Tilray’s acquisition of Manitoba Harvest.
- “Strong growth” in international medical markets.
Tilray’s net loss for the first quarter was $30.3 million, widening from $5.2 million for the same period in 2018.
Tilray said the increased red ink was mainly tied to investments in future growth, the purchase of Manitoba Harvest and the expansion of the company’s international teams.
Tilray trades on the Nasdaq under the ticker symbol TLRY.
More details on the results can found here.