Tilray Reports Record Earnings, Gains For Cannabis and Drinks Divisions
August 1, 2023Leamington, Ontario-based Tilray Brands reported results for the quarter and fiscal year ended May 31, in which Q4 net revenue rose to a record $184 million, up 20% year-over-year. The company logged $627 million in net revenue for the full year, up 6% on a constant currency basis. Cannabis net revenue rose to $64 million in the fourth quarter, up 21% compared to the previous year. Beverage alcohol net revenue was also up, rising 43% to $32.4 million.
Among the company’s recent activities, May saw the launch of CBD, CBN, and THC infused teas from Tilray’s Solei brand, as well as Sweetwater Brewing’s line of canned cocktails, Red White and Blue American Lager, and Colorado Orange Citrus Ale. In March, Canaca introduced its new collection of terpene rich products across Canada. And in June Tilray completed its acquisition of Hexo Corp, uniting the two Canadian cannabis players. Reuters reports that Tilray continues to actively seek further acquisitions in the spirits and drinks industry.
“Our financial performance is demonstrative of Tilray Brands being the leading, most diversified cannabis lifestyle and CPG company in the world,” said CEO Irwin Simon, adding that the company “executed against our strategic plan to grow revenue, drive operating efficiencies, and improve margins and profitability, all while investing in our industry-leading brands. The recent closing of the Hexo transaction has boosted our competitive positioning in Canada, the largest, federally legalized cannabis market in the world. We are working towards a seamless integration … while expanding product distribution in Canada and across international markets.”—Danny Sullivan
Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.Tagged : cannabis, Solei, Sweetwater, Tilray
