The cannabis company released its financial statement yesterday for the previous quarter
Right on schedule, cannabis company Tilray released its financial report for the fourth quarter of last year after the markets closed yesterday. The company reported good news almost all the way around, indicating that its cannabis sales had more than doubled in a year. This was welcomed by traders, who helped push the company’s stock up 5% before settling at a 3% increase.
Fourth-quarter revenue for the company was $15.5 million on full-year sales of $43.1 million. This marked an increase of 110% year-over-year, and was a result of more bulk sales and the newly opened legal marijuana market in Canada. Analysts had previously forecast fourth-quarter sales of $14.1 million, so the results were better than anyone anticipated.
In the earnings call, Tilray CEO Brendan Kennedy stated, “Our team made significant progress on our long-term initiatives including increasing production capacity, expanding and strengthening strategic partnerships and acquiring complementary business to accelerate our future growth and leadership position in medical and adult-use cannabis.”
The company saw net losses in the quarter, however. Kennedy explained that the net loss for the quarter was $31 million compared to the $3 million for the same period a year earlier. The number of kilograms of cannabis and cannabis derivatives increased by almost 200% year-on-year, reaching 2,053 from 694 kilograms.
The last quarter of 2018 was a busy time for Tilray. It expanded on a previous relationship with Sandoz, a division of Novartis, that saw it increase its medical cannabis distribution network around the globe, and also entered into an agreement with Budweiser’s parent company, AB InBev, to create non-alcoholic beverages infused with tetrahydrocannabinol (THC) and cannabidiol (CBD).
