Tilray revenue disappoints as Canada lockdowns dent cannabis demand

Reuters
·1 min read

July 28 (Reuters) - Cannabis firm Tilray on Wednesday reported quarterly revenue that fell short of analysts' estimates, hurt primarily by COVID-19 lockdowns in its key Canadian market.

The Canadian province of Ontario, the country's most populous, was under lockdown for more than a month since early April when a third wave of the coronavirus threatened to overwhelm hospital capacity.

Tilray and Canadian pot producer Aphria Inc combined last month in a reverse merger to create the world's largest cannabis producer by sales and expand further in the United States.

Chief Executive Officer Irwin Simon said the company had saved about $35 million in costs from the deal and was on track to save $80 million over the next 16 months by doing away with office spaces, redundant senior positions as well as lower shipping costs and better packaging deals.

On Thursday, Tilray stockholders are scheduled to meet and vote for a proposal to issue more shares that can be used for acquisitions, which has received backing from proxy advisory firms Glass Lewis and ISS.

Net revenue rose 25.3% to $142.2 million during the fourth quarter, but fell short of analysts' average estimate of $146.2 million, according to Refinitiv IBES estimates.

The company posted a net income of $33.6 in the three months ended May 31, compared with a net loss of $84.3 million a year earlier. The reported quarter included a one-time adjustment of $19.9 million, resulting from excess inventory quantities due to the Aphria merger.

On an adjusted basis, core earnings rose nearly four-fold to $12.3 million. (Reporting by Arathy S Nair in Bengaluru; Editing by Ramakrishnan M.)

  • Up next
  • Up next
  • Up next
  • Up next

Latest Stories

  • Claudia Winkleman reveals concerns about Traitors season 3

    The Traitors host Claudia Winkleman has big reservations about season three after the show's phenomenal success, saying: "I'm extra reluctant to do the third."

  • Massive fire rips through iconic Oceanside pier in California

    A fire broke out at the end of a 2,000-foot-long pier in Oceanside, California, on Thursday. A restaurant was engulfed in flames and thick smoke billowed out. It took firefighters hours to get the blaze under control.

  • UPDATE 1-Japanese yen suddenly jumps against dollar

    The Japanese yen jumped against the dollar on Friday, with traders on high alert for signs of intervention by Japan's monetary authorities to support the currency. The dollar fell sharply to 155 yen from 156.8, before tracking back to around 156.23, up 0.3% on the day. Japan's Ministry of Finance was not immediately available for comment.

  • Darktrace to be bought by Thoma Bravo for $5.3 billion

    Billionaire investor Mike Lynch stands to net £170 million from the deal

  • ‘Thank You, Goodnight’: A (Very Long) Reminder That Even Jon Bon Jovi Is Mortal

    Disney/Hulu“We’re halfway there,” I said to myself at the two-and-a-half-hour mark of Thank You, Goodnight: The Bon Jovi Story, a four-part early Christmas gift to hard-core Bon Jovi fans and a ludicrously detailed look at the pop-rock luminary’s career for everyone else.Like the anthemic songs the platinum-selling New Jersey-born singer is known for, it would take an extra step to actively dislike this very by-the-numbers Hulu documentary, but the excessive length and the overblown manner in wh

  • UK police charge two men with immigration offences after Channel migrant deaths

    British police have charged two men with immigration offences after five migrants, including a child, died when a small boat crossed the English Channel from France earlier this week . A 22-year-old from South Sudan has been charged with assisting unlawful immigration and attempting to arrive in Britain without valid entry clearance, Britain's National Crime Agency said on Friday. Another 22-year-old man from Sudan was charged solely with attempting to arrive without valid entry clearance.

  • ‘The Feeling That the Time for Doing Something Has Passed’ Is the Sex Comedy You Need to See

    Magnolia PicturesAn adult sex comedy that’s also the most amusingly unerotic film of the year, The Feeling That the Time for Doing Something Has Passed, which hits theaters April 26, treads into explicit terrain in order to chart the disaffection and confusion of a thirtysomething Brooklynite in search of direction, fulfillment, and companionship. Written and directed by star Joanna Arnow, this bracingly awkward indie—which played at last year’s Cannes, Toronto, and New York film festivals—is a

  • ‘Challengers’: The World Has Never Been So Excited to See People Kiss

    Photo Illustration by Luis G. Rendon/The Daily Beast/MGMEvery once in a while—in spite of the inferno of lunacy, cruelty, and soul-crushing stress flaming all around—the world resembles one that I still want to live in, that reflects my deepest values and belief in a society that is fundamentally good.By some soul-affirming miracle that’s happening right now: People everywhere can’t wait to see Zendaya and two cute boys kiss. This is my America.I can’t remember the last time I’ve observed as muc

  • UPDATE 1-Cepsa sells upstream assets in Colombia as first quarter loss narrows

    Spain's second-largest oil company Cepsa moved forward with its strategic shift toward low carbon businesses by selling its upstream assets in Colombia while narrowing its first-quarter loss thanks to a strong refining business. The buyer is Cedco, an affiliate of Colombian oil producer SierraCol, a Cepsa spokesperson said on Friday in an emailed statement, declining to further comment on the deal. Owned by Abu Dhabi fund Mubadala and the Carlyle Group, Cepsa is investing up to 8 billion euros ($8.58 billion) in its shift towards green hydrogen and biofuels.

  • Two charged after deaths of five migrants in English Channel

    Two men, both aged 22, are charged with immigration offences

  • California college cancels graduation ceremony as protests after Israel's war in Gaza continue

    Protests against the Gaza war grip dozens of campuses across America, with hundreds of arrests.

  • Marcus Rashford hits out in at ‘months of abuse’ in late-night post

    The Man Utd and England forward has hit back after suffering more abuse from fans following a poor run of form

  • London travel news LIVE: Tube stations shut amid new strike as two lines delayed after 'casualty on tracks'

    Several London Underground stations are closed due to workers striking while two Tube lines were halted because of a casualty on the track. Transport for London marked eight stations on the network at 9am on Friday due to the Transport Salaried Staffs' Association action. The union said the action was likely to cause Tube stations to close at the last minute, including into Saturday morning, but Transport for London said there will not be significant disruption.

  • Emma Stone urges fans to call her by her real name

    ‘Poor Things’ actor said it would be ‘so nice’ if fans started referring to her by her given name

  • Co-op Live arena boss quits just days after Peter Kay is forced to cancel gigs

    Harry Styles is among those who have invested in the £365m venue beset by problems

  • Friday horse racing tips: Nostrum can win the feature at Sandown Park’s Spring Celebration meeting

    Ahead of the Jumps Finale on Saturday, our horse racing tipster gives three selections from the Friday action at Sandown Park. A three-year-old filly out of Zoustar, Mia Harris won impressively over course and distance on her two-year-old debut.

  • What it’s like to stay in a backpacker hostel in one of the most expensive cities in the world

    Has hostel culture survived the pandemic, or has this type of affordable accomodation morphed into coworking space for digital nomads? A decade after first backpacking in the city, Anna Richards checks in to investigate

  • John Cleese: Basil Fawlty would be bewildered by the country England has become – and so am I

    When I was growing up in the 1950s in Weston-super-Mare, England was largely a middle-class society. The values of the middle class were dictated from above and would work their way down the social ladder. My family may have been on one of that ladder’s lower rungs but we had middle-class values: although my father left school at 16, I never heard him mispronounce a word or make a spelling mistake. People tried to do their job well; they weren’t overly concerned with becoming rich, they just wan

  • Q1 2024 Pool Corp Earnings Call

    Q1 2024 Pool Corp Earnings Call

  • Driver Jailed After Fleeing Scene of Serious Crash

    Surveillance footage showed a man flee the scene after running a red light and colliding with another vehicle in Wisbech on May 22, 2022, with police releasing the footage following a conviction on April 22.Cambridgeshire Police said Steven Codona ignored a red light, ploughed into another vehicle, and then fled the scene leaving the other driver seriously injured.The 60-year-old driver of the other car underwent surgery to repair an open fracture to his ankle and also received treatment for injuries to his collar bone, pelvis, sternum, ribs and lungs.Codona admitted causing serious injury by dangerous driving and was jailed for two-and-a-half years at Peterborough Crown Court on 22 April, police said.He was also disqualified from driving for six years and three months. Credit: Cambridgeshire Police via Storyful