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Tilray posts higher revenues but widening losses after a busy quarter of acquisitions and expansions

Proactive Investors Tuesday, 14 May 2019
Tilray Inc (NASDAQ:TLRY), the worldwide cannabis producer, posted higher revenues but widening losses thanks to its acquisitions and expansion plans in 1Q. The Nanaimo, BC-based company’s net loss increased to US$30.3 million, or $0.32 per share, compared to a loss of $5.2 million, or $0.07 per share, during the same period last year. Analysts were expecting a loss of around $0.23 for the quarter. READ: Tilray unlikely to provide positive earnings until 2020, says Roth analyst Revenue for the quarter rose to US$23 million (C$31 million), a 195% increase from US$7.8 million during the year-ago period. “We are pleased with our first quarter results and the ongoing, substantial progress our team has made to position Tilray as a global leader in the cannabis industry,” said Brendan Kennedy, Tilray’s president and CEO. Kennedy highlighted the progress that Tilray has made integrating its recent acquisitions of Manitoba Harvest and Natura Naturals, which accelerates the company’s entry into the United States hemp and CBD markets. The company has also bulked up its presence in North America and Europe. “As we expand our operations around the world, we remain focused on making disciplined investments to maximize the multiple paths to value creation we are aggressively pursuing for our visionary investors,” Kennedy said. Tilray is a global company focused on the research, cultivation, production and distribution of cannabis and cannabinoids in twelve countries and five continents. Shares of Tilray were up 5% in aftermarket trading to US$51.18 on Tuesday evening. Contact Angela at [email protected] Follow her on Twitter @AHarmantas
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