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Tilray reported record revenues of $177m in its first quarter results this week, and informed investors that despite recent portfolio diversification, cannabis was still a core focus.
The Canadian cannabis giant said its net revenues grew by 15% year-on-year and 9% sequentially, growth it attributed to a strong performance in its cannabis arm.
Net cannabis revenues grew 20% to $70m in the three months to August 31, 2023, seeing its share of the Canadian recreational cannabis market grow to 13.4%, making it the market leader.
Its alcoholic beverage arm, which has been significantly expanded over the past year, also saw revenues increase by 17% year-on-year to $24m.
Its EBITDA fell slightly from $13.5m in the same period a year earlier, to $11.4m, while net losses narrowed from $66m to $56m.
For the full year, Tilray expects EBITDA to come in between $68m and $78m, representing year-on-year growth of between 11% and 27%.
Investors questioned this ambitious target during an investor call this week, particularly regarding alcohol sales, which the company expects to pick up in the fiscal second quarter thanks to the holiday season.
The company also assured that despite its recent acquisitions outside of cannabis, that it remained a core focus, particularly with the potential of loosening regulations.
Furthermore, its CSO Denise Faltishek suggested Tilray was keeping a close eye on the German medical cannabis market, given that cannabis is poised to be rescheduled as a narcotic, and the company had a marketing and distribution strategy in place.