Tilray doubles sales in first quarter over same period in 2019

The Canadian cannabis producer’s net loss also increased substantially

British Columbia–based Tilray was the first Canadian cannabis producer to launch an initial public offering in the United States.

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A Nanaimo-based weed producer has exceeded the average revenue estimate of 16 analysts with its first-quarter results.

Today, Tilray reported US$52.1 million in sales, up 126 percent over the first quarter in 2019. The average estimate among analysts was US$50.62 million.

According to the company, growth was driven by cannabis sales, which increased across all channels except for bulk, as well as the inclusion of Manitoba Harvest revenues for the full quarter.

Revenue also jumped 11 percent over the previous quarter, thanks in part to a 23 percent rise in adult-use sales and a 14.3 percent increase in hemp sales.

However, its quarterly net loss of US$184 .1 million, or $1.73 per share, was far above the analysts’ average expectation of a per-share loss of US$0.42 cents.

The first-quarter loss was also sharply higher than the $29.1-million loss, or US$0.31 per share, recorded in the first quarter of 2019.

Tilray has $174 million on hand in cash and cash equivalents.

The average selling price per gram fell to US$5.28 in the first quarter, compared to US$5.60 over the same period in 2019.

In January, Tilray signed a 2.5-tonne strategic partnership agreement with the Israeli medical cannabis agency Canndoc. The deal allows for the export of weed from a Tilray facility in Portugal to Israel.

The company did not report any material COVID-19-related impacts on the business.

In July 2018, Tilray became the first Canadian company to launch its initial public offering in the United States.

Today, it closed at US$8.08 on NASDAQ, up 3.86 percent, before falling to US$7.80 in after-hours trading (as of this writing).

Charlie Smith

I'm the editor of the Georgia Straight newspaper in Vancouver, as well as a CannCentral contributor.

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