Tilray Inc reported a 43% jump in Q1 revenue, driven by strong demand for cannabis after COVID-19 lockdowns, according to a press release by Tilray on Thursday.
- The world’s largest cannabis producer by sales stated its revenues increased to $168 million in the quarter ended Aug. 31 from $117.49 million a year earlier. Net cannabis revenue increased 38%.
- Cannabis producers recorded a massive increase in popularity this year as people opted for it for relaxation during months-long isolations, bolstering sales of pot producers.
- The company noted it was on track for nearly $80 million in cost savings from its deal to merge with Aphria.
- Tilray, which disclosed the deal in December, further stated that it had saved around $55 million on a run-rate basis to date from the deal, with actual cash savings rising to $20 million.
Tilray’s net loss worsened to $34.6 million in the first quarter from $21.74 million, as total expenses more than doubled. TLRY up +2.41% Pre-market trading