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.
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