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Tilray posts 43% rise in quarterly revenue on strong cannabis demand By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: Cannabis plants grown in the Tilray factory heathouse in Cantanhede Portugal, April 24, 2019. REUTERS/Rafael Marchante

(Reuters) – Tilray Inc (NASDAQ) reported Thursday a 43% jump in revenue for its first quarter. The increase was driven by strong cannabis demand following coronavirus lockdowns.

It is the largest producer of cannabis worldwide, according to sales. The company’s revenue increased from $117.49 million last year to $168.8 million during the quarter that ended August 31. The net cannabis revenue increased 38%.

The popularity of cannabis products rose dramatically this year, as more people tried it during COVID-19’s months-long isolation. This helped to boost the sales of marijuana producers.

According to the company, it is on track to save at least $80 Million from its merger with Aphria. (NASDAQ:

Tilray announced the agreement in December. It stated that the company had made savings of $55 million so far on a running-rate basis, and actual cash savings of close to $20million.

Tilray’s loss net increased from $21.74 million to $34.6 million during the first quarter.

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