Cannabis, alcohol company Tilray reports revenue decline, hints at merger and acquisition

Tilray Brands, a Canada-based cannabis and alcohol company, had a net loss of $61.6 million in the second quarter.

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The previous quarter's net revenue figure was $150.3 million. Tilray reports its results in U.S. dollars. 

Canadian adult-use cannabis net revenue was $52.4 million before excise taxes, a decline of about 10% from the previous quarter.

Tilray has the leading market share in Canada's marijuana market, at 8.3%, according to the company's CEO.

The Canadian division of the company has a plan to achieve a double-digit share in the Canadian market.

Tilray will not anticipate U.S. federal cannabis legalization in the near future.

The Canadian division of the company has a plan to achieve a double-digit share in the Canadian market. Simon told the analyst that any Canadian acquisitions would have to be in line with Tilray and Tilray shareholders. He said they were very interested. 

Tilray will not anticipate U.S. federal cannabis legalization in the near future.

Simon said that Tilray is interested in acquisitions in the area of health. Canadian medical marijuana revenue was $6.4 million before adjusting for excise taxes. Tilray had $60.2 million in distribution revenue through its CC pharma business in Germany, down slightly from the previous quarter. The beverage alcohol revenue grew from $20.7 million in the previous quarter to $21.2 million in the most recent quarter.

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The Cannabis industry vs Big Alcohol

Tilray used a constant currency basis to account for fluctuations in the exchange rate. Tilray's cannabis results are being impacted by the strength of the U.S. dollar and economy, particularly given our largest cannabis revenue sources' currencies are the European and the Canadian dollar, according to the chief financial officer. 

Tilray had $433 million in cash and securities at the end of the quarter. Tilray's shares are traded on the Toronto Stock Exchange.

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