Tilray revenue slow to ramp up in first post-legalization earnings report

Tilray Inc. posted a loss of more than $40 million in the first quarter following the legalization of recreational cannabis, as cost increases outpaced revenue growth at the Nanaimo, B.C.-based company.

“We are pleased with the performance in the adult-use market so far, and expect adult-use demand to ramp up with the introduction of other form-factors to the market later this year,” Tilray’s chief financial officer Mark Castaneda said in a conference call Monday. Despite less-than-stellar earnings numbers, which came in below analysts’ expectations, Tilray’s stock climbed slightly in after-hours trading. At market close, Tilray’s stock, which trades only on the NASDAQ was priced at US$72.24.“Tilray will continue to deploy capital in the most promising markets. But while Canada is important, we expect to focus the majority of our future investment in U.S. and Europe.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Sobeys parent Empire reports fall in adjusted fourth-quarter earningsAdjusted net earnings fell to $72.9 million or 27 cents per share from $89.9 million or 33 cents per share a year earlier
Source: globeandmail - 🏆 5. / 92 Read more »