Tilray has announced a highly-profitable second quarter, with net income increasing to USD$6m (~£4.38m) from a net loss of $89m in the previous year quarter.
With a number one leading position in Germany having a 20 per cent market share, Tilray has stated it is poised to further benefit from the legalisation of recreational cannabis in Germany.
As the only company currently supplying the German government with medical cannabis grown in-country, Tilray’s state-of-the-art EU GMP certified cultivation facility in the country has additional capacity to enable immediate entry into the recreational market when legalisation is implemented by the upcoming coalition government.
Tilray’s chairman and CEO, Irwin Simon, stated: “Our second quarter performance reflects notable success building high-quality and highly sought-after cannabis and lifestyle CPG brands which, coupled with our scale, operational excellence and broad global distribution, enabled us to increase sales and maintain profitability despite sector-specific and macro-economic headwinds.
“Looking at performance highlights across key markets, we maintained our number one cannabis market share position in Canada – despite market saturation and related competitive challenges — on the strength of our brands and adept pricing and marketing adjustments.”
It has highlighted its ongoing progress across the EU, attributing its success to its two state-of-the-art cultivation facilities in Portugal and Germany that provide EU GMP-certified pharmaceutical-grade medical cannabis.
As the only company with two certified facilities in Europe, its production capability and its sales arrangements through major distribution channels in Germany, the UK and other key markets, and strong relationships with governments, are helping to drive accelerated growth.
“In Germany – Europe’s largest and most profitable medical cannabis market – our nearly 20 per cent share leads the market. We believe this, coupled with our infrastructure, will also allow us to capture the adult-use market as legalisation accelerates under the new coalition government,” added Simon.
“The totality of our performance, our prospects and our global platform make Tilray Brands’ opportunity as compelling as ever, driven by our success as a cannabis and lifestyle CPG powerhouse and our relentless focus on delivering shareholder value.”
Tilray has now announced a new parent name, Tilray Brands, Inc., to reflect its transition from a Canadian LP to a global consumer packaged goods company.
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