Tilray Misses ‘Muted Expectations’ On Plunging Cannabis Sales
Tilray also unveiled the new name of its parent company, Tilray Brands.
Tilray reported net revenue of $155. 1 million (196 million Canadian dollars) in the quarter ended Nov. 30, considerably lower than consensus expectations of $170 million in cannabis sales, citing coronavirus-related headwinds, supply-chain issues and a lower share of the key Canadian market.
However, the New York-based company eked out net income of $5.7 million, compared with a loss of $34.6 million in the previous quarter, and said it’s still the market leader in Canada.
Tilray also unveiled the new name of its parent company, Tilray Brands.
The lower sequential revenue mostly stems from lower cannabis sales, which declined 16.6% in September-November to $58.8 million from the previous quarter.
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