TILRAY POSTS 43-PER-CENT RISE IN QUARTERLY REVENUE

Canadian pot producer Tilray Inc. on Thursday reported a 43 per cent rise in first-quarter revenue, driven by strong demand for cannabis after coronavirus-led lockdowns. The world’s largest cannabis producer by sales said its revenue rose to US$168 million in the quarter ended Aug. 31 from US$117.49 million a year earlier. Net cannabis revenue jumped 38 per cent. Cannabis products saw a massive rise in popularity this year as more people turned to it for relaxation during the months-long isolation caused by COVID-19, lifting sales of pot producers. The company said it was on track for at least US$80 million in cost savings from its deal, announced in December, to merge with Aphria. Tilray’s net loss widened to US$34.6 million in the first quarter from US$21.74 million, as total expenses more than doubled.