Marijuana grower Tilray rallies after sales more than double

www.cnbc.com
Date:
Monday, Mar 18, 2019

Shares of Tilray jumped after the company reported that its cannabis sales more than doubled over the last year.

Tilray on Monday reported fourth-quarter revenue of $15.5 million, buoyed 2018 sales to $43.1 million — up 110 percent from last year. The surge was driven by bulk sales, the first months of the legal adult-use market in Canada and accelerated wholesale exports, according to its latest financial update. Analysts had expected fourth-quarter sales of $14.1 million.

In premarket trading Tuesday, the British Columbia-based company's stock was up nearly 3 percent.

"Our team made significant progress on our long-term initiatives including increasing production capacity, expanding and strengthening strategic partnerships, and acquiring complementary businesses to accelerate our future growth and leadership position in medical and adult-use cannabis," Tilray CEO Brendan Kennedy said of the company's financial report.

Net loss for the quarter was $31 million, or 33 cents per share, compared to $3 million, or 4 cents per share, for the prior-year period. The company also said that the number of kilograms of cannabis and derivative products increased nearly three-fold to 2,053 from 694 kilograms compared to the fourth quarter of 2017.

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