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Tilray recalls ‘select batches’ of cannabis extracts in Germany

British Columbia, Canada-based Tilray is recalling a small amount of medical cannabis in Germany because of incorrect THC content, German independent pharmaceutical newspaper DAZ reported. The product is THC10:CBD10,  a full-spectrum oil with 10 milligrams per milliliter of THC and 10 milligrams per milliliter of CBD. “Tilray has initiated a voluntary recall of select batches […]

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Week in Review: Renewed cannabis diversity efforts, Tilray execs sued, Canopy’s rich CEO package & more

Protests across the United States over the treatment of black Americans have prompted calls for companies to address racial inequities and increase diversity. The cannabis industry has a long way to go, as evidenced by a recent study of Denver’s marijuana market. But Illinois-based Cresco Labs took a step this week by appointing the first […]

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Lawsuit: Tilray execs misled investors over ABG cannabis deal

A new lawsuit alleges the top brass of Canada-based cannabis company Tilray misled shareholders and engaged in insider stock sales during 2019 and early 2020. The so-called verified stockholder derivative suit was filed by Tilray shareholder Lee Morgan on June 5 in the U.S. District Court for the District of Delaware. The complaint was filed […]

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Tilray closing High Park Gardens cannabis greenhouse

British Columbia-based cannabis cultivator Tilray is the latest Canadian firm to throw in the towel on large greenhouse cultivation, announcing it will shutter its High Park Gardens facility in Leamington, Ontario. The greenhouse, with 406,000 square feet of licensed growing space, was part of Tilray’s deal to acquire Natura Naturals Holdings for 70 million Canadian […]

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Canadian cannabis producer Tilray’s net loss improves to $184 million

Nanaimo, British Columbia-headquartered Tilray reported a net loss of $184.1 million for its quarter ending March 31, an improvement from the previous period’s $219.1 million loss. Tilray’s adjusted EBITDA loss of $19.7 million was 44% better than the $35.3 million loss it recorded for the fourth quarter of 2019. The company cited cost reductions and […]

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Week in Review: Coronavirus’ effects on marijuana firms, Tilray plans $90M raise, Maine aims to tackle illicit MJ & more

Marijuana retailers, vape product suppliers and MJ industry conferences and trade shows are among the cannabis businesses dealing with challenges related to coronavirus. MJBizDaily takeaway: On the supply side, businesses that rely on cannabis vape products sourced from China are feeling the strain, as are manufacturers that use Chinese companies to provide packaging. But many are looking […]

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Marijuana firm Tilray plans $90 million capital raise amid market turmoil

Canadian cannabis producer Tilray on Thursday announced a share offering to raise $90.4 million, which the Nanaimo, British Columbia company says will be used for general corporate purposes. Tilray priced 7.25 million Class 2 common shares – and 11.75 million prefunded warrants to purchase common shares – at $4.76 per share. That is a 20% discount […]

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International and bulk cannabis sales punish Tilray’s bottom line

Cannabis producer Tilray became the latest Canadian marijuana company to report earnings well below market expectations. The British Columbia-based company reported a net loss of $219 million for the quarter ending Dec. 31, worse than the previous period’s net loss of $35 million. Total revenue fell 8% to $47 million compared to the previous quarter, […]

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Cannabis producer Tilray taps ex-Molson, Revlon employees for executive roles

Tilray announced changes to its executive roles this week, appointing former Molson Coors Brewing Co. and Revlon employees to key positions. The British Columbia cannabis producer said Chief Financial Officer Mark Castaneda – on the job for almost two years – would shift to strategic business development. Replacing him as CFO is Michael Kruteck, who […]

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Israel’s Canndoc signs deal with Tilray to import medical cannabis

Israel-based Canndoc has entered into an agreement to import 2.5 tons of medical cannabis into Israel to address the supply shortage in that country. The cannabis will originate from Canadian producer Tilray’s facility in Portugal, the company said in a news release. The first shipment is expected to arrive early this month. As part of […]

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Canadian marijuana firm Tilray sued for $300 million in Florida

Canadian marijuana producer Tilray is being sued for $300 million in Florida by Fort Lauderdale-headquartered soap company Trimax, which claims the British Columbia firm is seeking to bankrupt one of its subsidiaries. The suit, first reported by Law360, alleges Tilray sought to buy a big stake in Saavy Naturals, a Trimax subsidiary, so Tilray could […]

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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 […]

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