Tilray reported US$63.4 million in net revenue from its cannabis operations in the three months that ended February 29, 2024, one-third of the company’s total net revenue.
The company’s most recent quarterly report, posted on April 9, shows $188 million in total net revenue for all its operations, including its beverage alcohol, cannabis, distribution, and wellness business. (All numbers in US dollars).
Net revenue from its cannabis operations increased 33%, with 44% growth in its international sales from the previous quarter.
The bulk of Tilray’s net revenue, before taxes, from cannabis sales was in the non-medical market, with $62 million. Nearly $6.4 million of that net revenue was from Tilray’s medical cannabis business, while about $2.8 million came from wholesale cannabis sales and $14 million in international sales.
The company reported $21.8 million in excise taxes on cannabis sales in the three months ending February 29, 2024. Costs related to its cannabis operations were $42.5 million for a gross profit of $20.1 million and an adjusted gross profit of $21 million.
Gross profits from cannabis sales increased to $20.9 million in the third quarter from a $32.8 million loss in the prior year quarter. Adjusted gross profit was $21.1 million compared to $22.2 million in the same quarter in 2023.
“Over the past several years, our playbook of expanding our cannabis business to complementary markets such as beverages and hemp-based consumer products has positioned us well to navigate the current environment and to benefit from future growth opportunities,” said Tilray Brands’ Chairman and Chief Executive Officer Irwin D. Simon in a press release.
“Tilray Brands today represents the future of the global CPG industry leading the convergence of cannabis, beverages, and wellness. We have become the most dynamic and diversified cannabis-lifestyle and consumer products company globally as we lead and advance global cannabis, fuel consumer needs in wellness foods and snacks, and disrupt craft beverages. We are proud of our position as the #1 Canadian cannabis LP, the European market leader in medical cannabis, the leader in hemp foods, the 5th largest craft brewer in the U.S., and are now aiming to become a top 12 beer and alcohol beverage company in the U.S.”
Although Tilray does not currently have any US-based cannabis operations, the company says it hopes potential rescheduling of cannabis could open that door. The company also has an investment in US retail chain MedMen.
Tilray’s cannabis brands include Hexo, Original Stash, Good Supply, Broken Coast, Redecan, Solei, Mollo, Chowie Wowie, and XMG.
