Cannabis giant Tilray Inc. (NASDAQ: TLRY) rose to $ 210.5 million in 2020. This is an increase of 26% compared to what the Nanaimo, Canada-based company reported for 2019.
In Tilray’s earnings report published Wednesday afternoon, CEO Brendan Kennedy attributed the growth to international medical sales and Canadian sales to adults, up 191% and 49%, respectively, during the fourth quarter.
Tilray also reduced costs by about $ 57 million compared to the same three-month period in 2019.
“As a result, we are now working with a more focused, efficient and competitive cost structure,” he said in a prepared statement.
Related: Exclusive: Aphria, CEO of Tilray, discusses merger, rent and ‘no massive layoffs’
Q4 Distribution: Tilray is currently working on a merger with fellow Canadian cannabis company Aphria Inc. (NASDAQ: APHA). The transaction should be completed in the second quarter of 2021.
In addition, the company reported:
- Total revenue increase of $ 56.6 million – 20.5% higher than in the fourth quarter of 2019
- Revenue for cannabis segments rose 46% to $ 41.2 million
- A net loss of $ 3 million (it lost $ 219.8 million for the same period in 2019)
- Adjusted EBITDA of $ 2.2 million
- About $ 261.3 million in cash as of February 16
‘A’ New ‘Tilray: Kennedy calls an ‘increasingly favorable political environment’, as well as the pending deal with Leamington, Aphria in Ontario, to position Tilray for growth.
“Finally, and as previously stated, the ‘new’ Tilray will achieve more than C $ 100 million in the expected pre-tax synergies, ‘he adds, citing significant value for shareholders.’
See also: How to buy Tilray (TLRY) stock
In addition, the company emphasized its expansion efforts across national borders – namely in Portugal and Spain. With the recent moves, Tilray was able to make its brand of medical cannabis available in 17 countries.
Tilray’s stock closed at $ 31.51 and traded up 10% after hours.
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