Tilray Sales Rise 12% Amid Beverage And Hemp THC Push
October 15, 2024Cannabis and beverage alcohol company Tilray has reported $200 million in net revenue for its fiscal first quarter through August, a 12% jump year-over-year. Adjusted EBITDA was at $9.3 million, down from $10.7 million for Q1 2024. Cannabis revenues were at $61.2 million, distribution revenue was $68.1 million, and wellness revenue was $14.8 million. “We are dedicated to executing our strategic plan to increase revenue, drive operational efficiencies, and improve margins and profitability while investing in our continued growth,” said chairman and CEO Irwin Simon.
The positive quarter comes amid rapid expansion for Tilray, which, in addition to its leading position in Canada’s regulated cannabis market, has seen success with a growing U.S. craft beer portfolio and, as of this month, an alternative beverages division dedicated to hemp-derived THC products. Tilray’s drinks portfolio, which includes Shock Top, Breckenridge Brewery, and others acquired from AB InBev last year, as well as Hop Valley Brewing, Revolver, Terrapin, and Atwater from Molson Coors, continues to drive gains for the company. For Q1 2025, Tilray’s beverage alcohol portfolio delivered net revenue of $56 million on a 132% increase.
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