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. Adjusted EBITDA was $2.2 million. Tilray reports its financials in U.S. dollars. Fourth-quarter revenue improved over the previous quarter in three key areas Adult-use cannabis sales rose to $25.4 million (27% higher). Canadian medical revenue was $4.2 million (24% higher). International medical revenue was $11.7 million (44% higher). Overall revenue rose to $56.6 million in the quarter, up from $51.4 million in 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.
Marijuana Business Daily, 02/17/2021 17:48:00
Open article: https://mjbizdaily.com/cannabis-producer-tilray-reports-271-million-loss-for-year/