Tilray posts 43% rise in quarterly revenue on strong cannabis demand

This post was originally published on this site

https://i-invdn-com.investing.com/trkd-images/LYNXMPEH960HR_L.jpg

The world’s largest cannabis producer by sales said its revenue rose to $168 million in the quarter ended Aug. 31 from $117.49 million a year earlier. Net cannabis revenue jumped 38%.

Cannabis products saw a massive rise in popularity this year as more people turned to it for relaxation during the months-long isolation caused by COVID-19, lifting sales of pot producers.

The company said it was on track for at least $80 million in cost savings from its deal to merge with Aphria (NASDAQ:APHA).

Tilray, which announced the deal in December, added that it had saved about $55 million on a run-rate basis to date from the deal, with actual cash savings close to $20 million.

Tilray’s net loss widened to $34.6 million in the first quarter from $21.74 million, as total expenses more than doubled.