MJ Biz report that according to Tilray it’s all the fault of the wokers and the consumers – not them!
The good news, though, they know how to sell booze.
Will anybody miss them when they finally exit from cannabis..I don’t think so.
Cannabis and alcohol company Tilray Brands lost $65.8 million (90 million Canadian dollars) in the first quarter ended Aug. 30 as net revenue declined 9% year-over-year to $153.2 million.
Tilray was hit by volatile currencies in the quarter, which shaved as much as $13.3 million off the company’s sales figure in the June-August period, the Ontario- and New York-headquartered company announced early Friday.
Revenue would have come in at $166.5 million on a constant currency basis, Tilray said.
On a call with stock analysts, CEO Irwin Simon said the company also took a revenue hit from wholesale disruptions in two of Canada’s largest markets.
“With (British Columbia) being on strike and our (wholesale) issue in Ontario … you’ll see those pick up in this quarter and next quarter,” he said.
Regarding U.S. President Joe Biden’s announcement Thursday calling for a review on whether marijuana should remain a Schedule 1 drug, Simon told analysts that “it is important to recognize these initiatives for what they are – relatively modest, but any sign of progress is important at this time.”
“It doesn’t change anything for us that we can own U.S. assets,” he said.
Tilray’s cannabis business fell sharply year-over-year, even though the overall Canadian market grew 18% by consumer sales.
Tilray’s cannabis sales in the quarter were $58.6 million, 17% lower than the same period last year.
Distribution and wellness revenue both fell 10% year-on-year, respectively, to $60.6 million and $13.4 million in the quarter.
The lone bright spot was Tilray’s beverage alcohol business.