Tilray Brands Inc. reported a loss of US$55.9 million in its latest quarter compared with a loss of US$65.8 million a year earlier as its net revenue rose 15 per cent.
The cannabis company, which keeps its books in U.S. dollars, says the loss amounted to 10 cents per diluted share for the quarter ended Aug. 31.
The result compared with a loss of 13 cents per diluted share in the same quarter last year.
Net revenue in what was Tilray’s first quarter totalled US$176.9 million, up from US$153.2 million a year earlier.
Tilray recently closed its acquisition of eight beer and beverage brands from Anheuser-Busch.
The company says the deal helps make it the fifth largest in the U.S. craft beer market.
– The Canadian Press
READ MORE: Cannabis Act review finds companies struggling to profit, health experts supportive
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