Canadian cannabis producer Tilray Brands (TLRY) reported a net loss of $61.6 million U.S. for its latest fiscal quarter as domestic sales continue to slow and the U.S. market remains closed to foreign entrants.
The latest loss compares to net income of $5.8 million U.S. in the same quarter a year earlier.
Tilray, which reports its earnings in U.S. dollars, said the loss amounted to 11 cents U.S. per diluted share for the three months ended November 30 compared with net income of zero cents a year earlier.
Revenue for the quarter totalled $49.9 million U.S., down from $58.8 million U.S. in the same quarter last year.
Tilray's beverage business reported $21.4 million U.S. in revenue, up from $13.7 million U.S. last year. Its wellness business revenue amounted to $12.7 million U.S., down from $13.8 million U.S. last year.
Tilray's stock has declined 62% over the last year to trade at $2.76 U.S. per share.
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