Tilray Brands (TLRY) posted net income of $52.5 million U.S. for its fiscal third quarter,
compared with a loss of $258.6 million U.S. during the same period a year ago.
The Leamington, Ont. cannabis company’s earnings for the three months ended February 28
amounted to $0.09 U.S. per share, up from a loss of $1.03 U.S. a share the year before.
The company recorded net revenue of $151.9 million U.S. for the quarter, up from $123.9
million U.S. in the same quarter last year, driven by increases in cannabis, beverage alcohol,
and wellness product sales.
However, despite the positive quarterly results, Tilray said that its share of the Canadian retail
cannabis market fell recently. The company said that its retail market share dropped to 10.2%
from 12.8%.
The market share decrease was blamed on the company struggling with availability of product,
the use of vaccine passports in Quebec that impacted sales, and the dissolution of a partnership
with Marley Natural, a cannabis brand associated with musician Bob Marley.
Tilray’s stock has declined 34% over the past six months and now trades at $7.25 U.S. a share.
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