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Tilray reports 20% jump in revenue on higher demand -Breaking

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:) Inc posted a 20% increase in its second quarter revenue Monday. The Canadian pot producer benefited greatly from the higher demand for cannabis products and other related goods.

Pandemic-induced lockdowns increased demand for cannabis-related goods from homebound consumers, while new policy changes that favor the marijuana sector including federal banking access have sparked optimism in investors.

According to sales, the world’s biggest cannabis producer reported a $155 million increase in revenue over the previous year. This is up from $129 millions a year ago.

This quarter saw a net profit of $6million, as compared to a loss in revenue of $89 million the year before.

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