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Cannabis producer Tilray reports $271 million loss for year

mjbizdaily.com February 20, 2021
Cannabis producer Tilray reports $271 million loss for year
Cannabis producer Tilray cut its annual loss to $271 million for 2020, an improvement from the Nanaimo, British Columbia company's $321 million loss in 2019, according to the full year and fourth quarter results released Wednesday.

Tilray, which is on the verge of being merged with its Canadian peer Aphria, lost just $3 million in its fourth quarter ended Dec. 31, 2020.

Fourth-quarter revenue improved over the previous quarter in three key areas:

Overall revenue rose to $56.6 million in the quarter, up from $51.4 million the July-September period.

Revenue attributed to cannabis was $41.2 million, up from the previous quarter's $31.4 million.

Hemp revenue, on the other hand, fell 23% quarter-on-quarter to $15.3 million.

Tilray said its combination with Aphria is expected to close in the second quarter of this year.

"Scale matters, in both Canada and beyond," CEO Brendan Kennedy said on a conference call with analysts.

"The combined company will be the largest global cannabis company based on pro forma revenue, with scale and breadth across geographies and complete portfolio of market leading brands in all major cannabis product categories.

"We are in the early stages of the continued development and expansion of the global cannabis market."

Cannabis producer Tilray cut its annual loss to $271 million for 2020, an improvement from the Nanaimo, British Columbia company's $321 million loss in 2019, according to the full year and fourth quarter results released Wednesday.

Tilray, which is on the verge of being merged with its Canadian peer Aphria, lost just $3 million in its fourth quarter ended Dec. 31, 2020.

Fourth-quarter revenue improved over the previous quarter in three key areas:

Overall...


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