LEAMINGTON, Ont. — Canadian cannabis company Tilray Brands Inc. reported higher revenue and profit in its latest quarter as the company saw growing international sales and held onto its leading market share in Canada.
The Leamington, Ont.-based company posted a net income of US$52.5 million in its third quarter, compared with a loss of US$258.6 million during the same period a year ago.
Tilray’s earnings for the three months ended Feb. 28 amounted to nine cents per share US, up from a loss of US$1.03 per share the year before.
The company recorded net revenue of US$151.9 million for the quarter, up from US$123.9 million in the same quarter last year, driven by increases in cannabis, beverage alcohol and wellness product sales.
Irwin D. Simon, Tilray’s chairman and CEO, says the company’s third quarter results reflect progress and momentum across Tilray’s key business segments and geographies.
He says Tilray’s recent deal to take a stake in rival Hexo Corp. will “facilitate complementary commercial and product innovation and drive production and operating efficiencies.”
This report by The Canadian Press was first published April 6, 2022.
Companies in this story: (TSX: TLRY)
