Cannabis leader Tilray has seen its net revenue increase to 27 per cent, totalling $513m compared to last year.
Global cannabis lifestyle and consumer packaged good company Tilray, which is a leading EU GMP-certified Medical Cannabis LP in Europe, has reported its financial results for the full fiscal year, revealing that it had net income of $33.6m during the fourth quarter compared to net loss of $84.3m in the prior year quarter.
Net revenue increased 25 per cent to $142.2m during the fourth quarter from $113.5m in the prior year quarter.
The Company says the increase was driven by 36per cent growth in net cannabis revenue to $53.7m, which included four weeks of contribution from legacy-Tilray, a 10 per cent decline in distribution revenue, net beverage alcohol revenue of $15.9m following its SweetWater acquisition on November 25, 2020, and wellness revenue of $5.8m from its Manitoba Harvest.
Tilray’s Chairman and Chief Executive Officer, Irwin Simon, said: “Early results from the new Tilray affirm that, while the global cannabis market remains in its early stages, our vision, scale, access to resources and operational excellence position us optimally to capitalise on the opportunity.
“In a very short period of time since our business combination was finalised, we transformed and strengthened Tilray, delivered solid results amid continued COVID-19 lockdowns and restrictions and achieved $35m in synergies to date – well on our way to delivering $80m in cost savings over the next 16 months.
“These are early achievements but they provide the roadmap for our strategy and priorities moving forward. Tilray is now truly leading the global cannabis industry with low cost of production, leading brands, a well-developed distribution network, and unique partnerships that we believe will drive sustainable shareholder value in the quarters to come.
“We look forward to accelerating and refining our business-level strategies and roadmaps and to ensuring unmistakable, measurable progress as we build the leading consumer-packaged goods business in the cannabis industry.”