Friday, July 12, 2024

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Tilray shows more signs of slow market, abandons pledge for $4 billion

Tilray had set a goal in July 2021 for reaching an annual revenue of $4 billion by the end of 2024. It’s a huge number so it naturally made some waves. But as we get closer to that goal post, the number seems absurdly large.

Tilray is aware of this, and quietly has abandoned the pledge. After a conference call with executives, an analyst says that the longer-than-expected road to legalization in the US and Germany were large reasons for the short reach.

Analysts are projecting Tilray to be about 80% short of that 4 billion goal, which is extremely far off and a bit of an embarrassment for the company. However, it’s not like Tilray are the only company feeling the effects of a deep glut in the marijuana industry. Recently, Curaleaf has left the markets of California, Oregon, and Colorado, and Akerna Corp. has exited the marijuana industry altogether.

We’re in a suspended state of holding firm through the storm, and hopefully we’ll see things turn around in the second half of this decade, which is quite a ways away for many companies struggling currently.

Read the original article at MJBizDaily.

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