Tilray products such as capsules, oils, and dried marijuana are shown at the company’s head office in Nanaimo, B.C. (Chad Hipolito/The Canadian Press)

B.C.-based pot producer Tilray reports revenue surge, net loss

Company remains excited about ‘robust’ cannabis industry

B.C.-based cannabis producer Tilray reported an 85 per cent jump in quarterly revenue year-over-year to US$10 million, but a wider net loss during its third quarter.

The Nanaimo-based company posted a quarterly net loss of US$18.7 million during the three months ended Sept. 30, compared to US$1.8 million in the third quarter of 2017.

Analysts had expected revenues of US$10.1 million and a loss of US$12.7 million, according to Thomson Reuters Eikon.

READ MORE: Nanaimo’s Tilray Inc. briefly the world’s largest cannabis company

READ MORE: Puff, puff, pass: Cannabis is officially legal across Canada

The marijuana producer, which has a market capitalization of roughly US$10.2 billion, says the higher net loss was due to higher operating expenses related to growth and international expansion.

Tilray says other factors driving up its net loss include costs related to financing and its initial public offering on the Nasdaq in July.

The company’s average net selling price was US$6.21 per gram in the quarter, down from US$7.53 during the same period a year ago, primarily due to an increase in bulk sales as a percentage of total revenue.

“The cannabis industry remains very robust and we are pleased with our revenue momentum and strategic achievements in the third quarter,” said Tilray’s chief executive officer Brendan Kennedy in a statement.

“We are in the early stages of achieving our growth potential and our team continues to strategically execute on disciplined operational initiatives and investments to support Tilray’s long-term, sustainable growth as the pace of legalization continues to accelerate around the world.”

The Canadian Press


Like us on Facebook and follow us on Twitter.

Just Posted

Young Grand Forks angler wins top B.C. fishing award

Nine-year-old Noah Dalla Lana was honoured at this year’s BC Wildlife Federation Gala

Kaslo bus fueled by vegetable oil to begin service next month

Mountain Man Mike’s will run routes to Vancouver and eventually Edmonton

Grand Forks woman lays wreath at grave of local soldier buried in England

Cpl. Alfred Gyde Heaven lied about his age to enlist in the Canadian army in 1916

The quirks and perks of living in England

From Grand Forks to Great Britain: Kalyeena Makortoff on becoming a U.K. permanent resident.

One year later, I know we’ll be okay

‘Collectively, we can’t afford to be complacent, nor can we afford for our leaders to be.’

QUIZ: Test your knowledge of Victoria Day

How much do you know about the monarch whose day we celebrate each May?

Top women’s hockey player Natalie Spooner coming to B.C.

Natalie Spooner special guest at annual Grindstone charity weekend in Kelowna

Take-home drug testing kits latest pilot to help curb B.C.’s overdose crisis

Researchers look to see if fentanyl testing could be a useful tool for those who use drugs alone

Facebook takes down anti-vaxxer page that used image of late Canadian girl

Facebook said that the social media company has disabled the anti-vaccination page

Search crews rescue kids, 6 and 7, stranded overnight on Coquitlam mountain

Father and two youngsters fall down a steep, treacherous cliff while hiking Burke Mountain

Raptors beat Bucks 118-112 in 2OT thriller

Leonard has 36 points as Toronto cuts Milwaukee’s series lead to 2-1

‘Teams that win are tight’: B.C. Lions search for chemistry at training camp

The Lions added more than 50 new faces over the off-season, from coaching staff to key players

Rescue crews suspend search for Okanagan kayaker missing for three days

71-year-old Zygmunt Janiewicz was reported missing Friday

B.C. VIEWS: Reality of our plastic recycling routine exposed

Turns out dear old China wasn’t doing such a great job

Most Read