Finance

Tilray Posts Revenue Increase of 110%

By March 18, 2019 No Comments

Tilray, Inc. (Nasdaq: TLRY) released today the company’s results for the 4th quarter and full fiscal year of 2018.

The company’s total in revenue increased to $43.1 million, a 110% increase over last year, which was attributed to success in bulk sales. Kilograms sold doubled from 3,024kg to 6,478kg when compared to the previous year. The average net sale price per gram increased $0.09 from $6.52 per gram to $6.61 per gram of dried flower.

The company’s sales in cannabis extract products increased by 29% from 20% of sales in 2017 to 49% of sales in 2018.

Brendan Kennedy, Chief Executive Officer of Tilray, stated: “2018 was a very successful year for Tilray with many corporate milestones. Our team made significant progress on our long-term initiatives including increasing production capacity, expanding and strengthening strategic partnerships, and acquiring complementary businesses to accelerate our future growth and leadership position in medical and adult-use cannabis. Looking ahead, we remain committed to pursuing global growth opportunities and will be disciplined in deploying capital, particularly in the United States and Europe, where we believe we have multiple paths for value creation.”

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