Global cannabis-lifestyle firm Tilray Inc. turned a profit in the second quarter of the fiscal year 2022 as it cemented its share position in Canada, the firm announced in a filing.
- The second-quarter net income stood at $6 million, reflecting a $95 million growth from the $89-million net loss recorded the same quarter in the previous year. Gross profit fell by 7% to $32.8 million from $35.3 million a year ago.
- Net revenue climbed by 20% to $155 million from $129 million, driven mainly by the 7% growth in cannabis revenue. SweetWater accounted for a $13.7-million net beverage alcohol revenue, and Manitoba Harvest generated $13.8 million.
- Chairman and Chief Executive Officer Irwin Simon said the latest figures provide opportunities for the firm to launch THC-based products in the United States, upon federal legalization.
- Tilray achieved $70 million in year-to-date cost synergies and is on track to exceed to the original plan of $80 million ahead of the scheduled May 31, 2022. It is also set to generate $20 million more in synergies in the fiscal year 2023.
The company currently has a 20% market share in Germany, the largest and most profitable medical cannabis market in Europe. TLRY is up 15.97%.