Thursday, June 13, 2024

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Tilray lost $1.2 billion last quarter, yet still to buy competitor

The quarter ending in February wasn’t great for Tilray, who blamed higher interest rates and a declining market capitalization for its $1.2 billion loss. A loss was expected, but this is a biggie. Nonetheless, Tilray claims this doesn’t effect their available liquidity and cash flow.

International cannabis products seem to be a driving factor here, which was down 39% year-over-year to $6 million. Along with this, wholesale cannabis products fell from $2.8 million last year at the same time, to just $58,000 this quarter. That’s an extremely sharp plunge.

With these numbers, a public company needs a silver lining, and Tilray gave just that with an announcement that they are going to acquire the Ontario-based company Hexo for $56 million. Hexo has been in the red since 2017, losing $1.5 billion in the convening years.

The merging of large companies in order to wait out the storm continues.

Read the original piece over at MJBizDaily.

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