Oct 7 (Businesshala) – Canadian pot maker Tilray Inc (TLRY.TO) reported a 43% rise in first-quarter revenue on Thursday, driven by strong demand for cannabis following the coronavirus-led lockdown.
The world’s largest cannabis producer by sales said its revenue rose to $168 million for the quarter ended Aug. 31, up from $117.49 million a year earlier. Net cannabis revenue increased 38%.
This year saw a huge surge in popularity of cannabis products as more people turned to it for comfort during months of isolation due to COVID-19, driving pot growers’ sales up.
The company said it was on track for at least $80 million in cost savings from its merger deal with Aphria.
Tilray, which announced the deal in December, said it has saved about $55 million on a run-rate basis from the deal so far, with actual cash savings closer to $20 million.
Tilray’s net loss widened to $34.6 million from $21.74 million in the first quarter, as total expenses more than doubled.