Canadian cannabis producer Tilray Brands trimmed its loss to $46.2 million (61.6 million Canadian dollars) in the second quarter of its 2024 fiscal year on the back of record net sales.
Tilray reported second-quarter revenue of $193.8 million, a 34.4% improvement year-over-year – and in line with analysts’ expectations.
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Revenue grew across all of the Leamington, Ontario- and New York-based company’s key operating segments, according to a Tuesday news release.
Cannabis sales in the quarter ended Nov. 30 were $67.1 million, a significant jump from 2023’s same quarter cannabis sales of $49.9 million.
Tilray’s distribution business experienced a revenue jump 12% year-over-year to $67.2 million in the quarter.
The wellness business saw the smallest increase in sales, growing 2.2% year-over-year to $12.9 million
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