Cannabis company Tilray reports first quarter loss of $ 34.6 million, revenue up 43%

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By The Canadian Press on October 7, 2021.

A man checks a sample at a cannabis store in Winnipeg on October 17, 2018. Cannabis company Tilray Inc. reported a loss of US $ 34.6 million in its most recent quarter, compared to a loss of 21, US $ 7 million in the same quarter last year as its net sales increased 43 percent. THE CANADIAN PRESS / John Woods

LEAMINGTON, Ont. – Cannabis company Tilray Inc. reported a loss of US $ 34.6 million in its most recent quarter, compared to a loss of US $ 21.7 million in the same quarter of last year, its figure of net business increased by 43%.

The company, which keeps its books in U.S. dollars, said the net loss stood at eight cents per share for the quarter ended Aug. 31, compared with a loss of nine cents per share a year earlier when it had fewer shares outstanding.

The company’s fiscal first quarter net sales were US $ 168.0 million, compared to US $ 117.5 million a year ago.

Tilray merged with rival Aphria Inc. in the spring.

The company says it is on track to achieve at least $ 80 million in cost savings from the synergies of the Aphria and Tilray business combinations.

Tilray announced last month that it would be closing an office and facility in Nanaimo, British Columbia.

This report by The Canadian Press was first published on October 7, 2021.

Companies in this story: (TSX: TLRY)


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