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Tilray’s adult-use cannabis and international revenue down year-over-year

October 10, 2024 | Sarah Clark

Tilray Brands, Inc. brought in $200 million in net revenue and gross profit of $59.7 million in the first quarter of 2025 but still saw a net loss of $34.7 million (all figures in US dollars).

This is an increase in net revenue from Q1 2024 ($177 million) but down from $229.9 million in net revenue and gross profit of almost $82.4 million in the previous quarter (Q4 2024).

The company, which has operations in Canada and the US, as well as other countries like Germany, reported a net loss of $34.7 million in Q1 2025, which covers the three months ended August 31, 2024. This is up from a $15.4 million loss in the previous quarter and a net profit of $21.2 million in the same quarter in the previous year (Q1 2024).

Tilray’s net revenue from its cannabis operations in the most recent quarter was $61.2 million, down from $70.3 million in Q1 2024. Its revenue from sales of Canadian medical cannabis was nearly $6.3 million, while revenue from sales of adult-use, non-medical cannabis in Canada was $57.2 million.

Revenue from wholesale cannabis was $5.5 million while revenue from international cannabis sales was $12.2 million. Tilray incurred nearly $20 million in excise costs for sales in Canada in the three months ended August 31, 2024, for total net revenue of $61.2 million from cannabis sales from its Canadian operations.

Tilray’s revenue from Canadian adult-use cannabis was down from $71.2 million in the same quarter in 2024, while medical sales were up slightly from $6.1 million in Q1 2024. Wholesale revenue was up slightly while revenue from international sales increased by about $2 million.

“We’re not going to play in areas where it’s just all about price,” said Simon. “Our teams have done a great job…educating consumers [that] they’re going to have to pay a little more for the quality of products they’re getting.”
Irwin Simon, Tilray

In an earnings call, CEO Irwin Simon said Tilray has probably lost “well over” $200 million due to price compression over the last three years, which takes into account challenges with their bottom line, something they say they see beginning to stabilize.

Rather than fighting against this price compression, Simon says the company is focussing on educating its customers about the need to pay more for high-quality products.

“We’re not going to play in areas where it’s just all about price…,” said Irwin. “Our teams have done a great job…educating consumers [that] they’re going to have to pay a little more for the quality of products they’re getting.”

Tilray sells medical cannabis under the Tilray, Aphria, CC Pharma, and Symbios brands. It sells adult-use cannabis under the brands Bake Sale, Broken Coast, Canada, Chowie Wowi, Good Supply, HEXO, Mollo, Original Stash, Redecan, RIFF, Solei, the Batch, and XMG.

The company recently launched Charlotte’s Web CBD gummies into the Canadian market.

In a company press release, Simon added: “As the Chairman and CEO of Tilray Brands, I am excited to lead a company that is disrupting the CPG industry through innovative products that are transforming the way consumers eat, drink, and unwind with cannabis, hemp and beverage products. Our investments in the cannabis, wellness, beverage, and distribution industries are focused on shaping the future and staying ahead of the curve. We are dedicated to executing our strategic plan to increase revenue, drive operational efficiencies, and improve margins and profitability while investing in our continued growth. Our commitment to innovation and growth is unwavering.

“We believe that there is a greater likelihood that the upcoming U.S. Presidential elections will result in improved regulatory changes in the cannabis industry, as both candidates have publicly confirmed their support for further legalization. We are optimistic about the future of the cannabis industry and look forward to the potential opportunities that lie ahead.”