Canadian cannabis firm Tilray (NASDAQ:TLRY) saw its shares slump at the market opening after it reported a drop in total revenue during its Q4 and full fiscal 2019 year results.

The British Columbia-based firm fell over 11 percent in aftermarket trading on Monday (March 2) after telling investors it took in an 8.2 percent decrease in total revenue quarter-over-quarter to US$46.9 million. The firm opened at US$13.01 on Tuesday (March 3).

Net losses for the quarter were at US$219.1 million, or US$2.14 per share, and were attributed to growth initiatives, international expansion and the acquisitions of Manitoba Harvest and Natura Naturals Holdings to its portfolio.


Cannabis - Will The Fortune 500 Join The Party?

Our Exclusive FREE Report Contains Information You NEED To Know About Cannabis Stock Investing!

International medical cannabis sales were down from the previous reporting period as well, falling to US$4 million from US$5.7 million in Q3.

Tilray CEO Brendan Kennedy said the year offered plenty of firsts for the firm and a variety of challenges during an earnings call after market close on Monday.

“I have been an investor and operator in the cannabis industry for nearly a decade now. And I believe that we are still in the very early days of this industry’s growth trajectory,” he added.

Kennedy went on to reiterate the problems currently affecting the Canadian cannabis market, including the slow growth of the legal market due to a lack of retail locations and an active and robust illicit sector.

Despite any short term challenges, Kennedy said he remains bullish on the overall sector for the medium and long-term.

Outside of Canada, Kennedy said Tilray plans to focus even more on its international exploits, including increasing production capacity at its facility in Portugal by 340 percent and doubling down on building cannabidiol (CBD) brands in the US.

In the face of sector-wide issues, Mark Castaneda, the firm’s CFO, said the company felt it was prudent to strengthen its balance sheet by taking non-cash impairment charges related to uncertainty in the US CBD market.

Castaneda added that Tilray plans on making non-cash valuation adjustments addressing its supply for cannabis extracts.

Bulk cannabis sales for Tilray were also down 44 percent year-over-year to US$3.9 million, and Kennedy said that bulk sales will be “somewhat non-existent” moving forward in 2020.

Like the rest of the cannabis industry, Tilray has struggled in its pursuit of profitability amid a volatile capital market.

Last month, Tilray told media outlets that it was cutting 10 percent of its global staff, joining the likes of fellow names in the marijuana space The Supreme Cannabis Company (TSX:FIRE,OTCQX:SPRWF) and Aurora Cannabis (NYSE:ACB,TSX:ACB), which have also made recent cuts to their job forces as they look to optimize efficiency.

Don’t forget to follow us @INN_Cannabis for real-time news updates!

Securities Disclosure: I, Danielle Edwards, hold no direct investment interest in any company mentioned in this article.


Cannabis - Will The Fortune 500 Join The Party?

Our Exclusive FREE Report Contains Information You NEED To Know About Cannabis Stock Investing!


Avicanna Inc. (the “ Company ” or “ Avicanna ”) (TSX: AVCN) announced today that it has been issued a Cease Trade Order (“ CTO ”) by the Ontario Securities Commission (the “ OSC ”) as it no longer expects to file the following periodic disclosure documents (collectively, the “ Documents ”) by June 11, 2021, as previously disclosed:

Keep reading... Show less

Adds two accomplished female directors to the Board

Trulieve Cannabis Corp. (“Trulieve” or the “Company”) (CSE: TRUL) (OTCQX: TCNNF), a leading and top-performing cannabis company in the United States today announced the results of its Annual and Special Meeting of Shareholders held on June 10, 2021 (the “Meeting”). Each of the eight individuals nominated for election as a director of Trulieve at the Meeting were elected, including new nominees, Giannella Alvarez and Jane Morreau .

Keep reading... Show less

The National Football League (NFL) wants to know more about cannabis as a pain reliever, and it’s willing to put up an initial US$1 million for research.

Also this week, a cannabis operator announced plans to buy assets from a languishing producer.

Keep reading... Show less

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company based in the United States announced today the opening of a new Florida dispensary, the Company’s 89th nationwide.

The dispensary will be located next to the Citrus Park Town Center and helps meet Trulieve’s goal of ensuring medical cannabis patients across Florida have safe, reliable access to the medications they rely on. The facility joins four other Tampa dispensaries, as well as several more in nearby Clearwater , St. Petersburg , and Largo.

Keep reading... Show less

On June 10, 2021, RCP23, LLC (the “Seller”), a private investment holding company controlled by Benjamin Kovler, CEO and Chairman of Green Thumb Industries Inc. (the “Issuer”) (CSE: GTII) (OTCQX: GTBIF), sold 1,666,667 Subordinate Voting Shares of the Issuer (the “Transferred Shares”) to a third-party qualified institutional buyer at a purchase price of US$30.00 per share in a private transaction.

“This transaction brings Green Thumb a new institutional shareholder who is aligned with management’s long-term vision,” said Manager of RCP23 Benjamin Kovler.  “RCP23 has historically sold shares on behalf of our legacy shareholders who invested prior to Green Thumb going public.”

Keep reading... Show less