Cannabis company Tilray Brands, Inc. (TLRY) on Wednesday reported net income of $52.5 million in the fiscal third quarter ended February 28, 2022, helped by strong sales across all geographies.
The company’s net revenue jumped 23% year-on-year to $152 million. Gross profit increased 31% to $39.8 million from the prior year quarter.
Tilray (TLRY) stock was trading up 5.8% at US$7.43 as of 2:40 p.m. ET after the results.
Tilray, one of the world’s leading cannabis and consumer packaged goods market, earned a high EQR (Earnings Quality Ranking) for the 11th week in a row. Earnings quality means the forecast of current earnings for future earnings.
“Our third quarter results reflect progress and momentum across all of our key businesses and geographies,” said D. Simon, President and CEO of Tilray. “This sets the stage for reaching our goal of $4 billion in revenue by the end of fiscal year 2024,” he added.
Read also: Why shares of Mobiquity Technologies, Inc. (MOBQ) jumped 49% today?
Simon also praised the “loyalty” of Tilray’s US businesses, including SweetWater Brewing, Breckenridge Distillery and Manitoba Harvest. The company will be a true supplier of “THC products after U.S. federal legalization,” he said.
The increase in the company’s net revenue was driven by a 32% increase in cannabis revenue to US$55 million, a 64% growth in alcoholic beverage revenue to US$20 million, and the wellness that generated US$15 million in revenue.
Also Read: Why is Synapse Cryptography (SYN) Getting Attention?
© Mehaniq | Megapixl.com
Read also: Top mining stocks to watch in Q2: AMR, X to AA
Tilray (TLRY) stayed true to its leadership position
Third quarter results also showed that TLRY maintained its leadership position in Canada, with a 10.2% market share dominated by its adult-oriented brands. Rising pre-roll and vape product categories have also contributed to revenue and gaining more market share.
The report mentions that distribution revenue fell 11% to $63 million in the quarter from $70 million in the prior year quarter.
The decrease was attributed to the impact of changes in the exchange rate between the euro and the US dollar, resulting in a decrease of US$7 million.
Also Read: Why Is Citius Pharmaceuticals (CTXR) Stock Rising Today?
At the end of the line:
Tilray (TLRY) brands have also had a few new launches in the past couple of months. He announced the launch of Solei Bites on Tuesday, April 5, 2022. It is the first THC edible to be available in Quebec, the second largest market in Canada.
Tilray also launched its first medical cannabis oil products in Malta on March 17, 2022.
March 24, 2022 – Solei, Tilray’s best-selling Canadian wellness entity, has announced the launch of Renew Moonlight, a CBN vape pen for nighttime use.
