Cannabis giant Tilray Inc. (NASDAQ: TLRY) saw revenue rise to $ 210.5 million in 2020. This is a 26% increase compared to what the company based in Nanaimo, Canada, reported for 2019.
In Tilray’s earnings report published on Wednesday afternoon, CEO Brendan Kennedy credited the growth to international medical sales and Canadian adult sales, up 191% and 49%, respectively, during the fourth quarter.
Tilray also cut costs by about $ 57 million compared to the same three-month period in 2019.
“With that, we now operate with a more focused, efficient and competitive cost structure,” he said in a prepared statement.
Related: Exclusive: Aphria, Tilray CEOs discuss merger, hiring and ‘no massive layoffs’
4th quarter breakdown: Tilray is currently in the middle of a merger with another Canadian cannabis company Aphria Inc. (NASDAQ: APHA). The deal is expected to end in the second quarter of 2021.
In addition, the company reported:
- A total revenue increase of $ 56.6 million – a 20.5% increase compared to the fourth quarter of 2019
- A 46% increase in revenue from the cannabis segment to $ 41.2 million
- A net loss of $ 3 million (lost $ 219.8 million in the same period in 2019)
- Adjusted EBITDA of $ 2.2 million
- About $ 261.3 million in cash on February 16
A ‘new’ Tilray: Kennedy cited an “increasingly favorable political environment”, as well as the pending deal with Aphria, based in Leamington, Ontario, to position Tilray for growth.
“Finally, and as stated earlier, the ‘new’ Tilray will achieve more than C $ 100 million in pre-tax synergies,” he added, announcing “significant shareholder value.”
See also: How to Buy Tilray Stock (TLRY)
Additionally, the company highlighted its cross-border expansion effort – namely in Portugal and Spain. These recent changes have allowed Tilray to make its medical cannabis brand available in 17 countries.
Tilray’s stock closed at $ 31.51 and rose 10% on the floor.
Courtesy image
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