Skip to main content
Open this photo in gallery:

Tilray founder and CEO Brendan Kennedy poses for a photo before closing the Nasdaq in New York on July 19, 2018, after his company's U.S. IPO.The Associated Press

Part of cannabis and investing

Cannabis producer Tilray Inc. reported its fourth-quarter revenue surged by more than 200 per cent year-over-year to US$15.5-million, but its net loss for the period also deepened.

The Nanaimo, B.C.-based company said its net loss for the quarter ended Dec. 31, 2018 amounted to US$31 million or 33 US cents a share, compared with a net loss of US$3-million or four US cents a share a year earlier.

Analysts had estimated quarterly revenues of US$14.15-million and a net loss of US$10.43-million or 12 US cents a share, according to those surveyed by Thomson Reuters Eikon.

Tilray said that the increased net loss for the quarter was primarily due to the increase in operating expenses owing to growth initiatives, expansion of international teams and costs related to financing and merger and acquisition activities.

The company’s average net selling price per gram rose to US$7.52, up from US$7.13 during the same quarter one year earlier.

For the full 2018 financial year, Tilray reported revenue of US$43-million, up 110 per cent from the previous year, and net loss of US$67.7-million compared with US$7.8 million in 2017.

“2018 was a very successful year for Tilray with many corporate milestones,” said Tilray’s chief executive Brendan Kennedy in a statement. “Our team made significant progress on our long-term initiatives including increasing production capacity, expanding and strengthening strategic partnerships, and acquiring complementary businesses to accelerate our future growth and leadership position in medical and adult-use cannabis.”

Available now: Cannabis Professional, the authoritative e-mail newsletter tailored specifically for professionals in the rapidly evolving cannabis industry. Subscribe now.

Report an editorial error

Report a technical issue

Editorial code of conduct

Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 17/05/24 4:00pm EDT.

SymbolName% changeLast
Thomson Reuters Corp

Follow related authors and topics

Authors and topics you follow will be added to your personal news feed in Following.

Interact with The Globe