Canadian cannabis and alcohol company Tilray Brands posted a $457.8 million net loss for its fourth quarter and a $434 million net loss for its 2022 fiscal year.
The quarterly and annual net loss includes a $395 million noncash impairment charge “primarily impacting inventory, goodwill and other intangible assets.”
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Tilray reports its earnings in U.S. dollars.
On a Thursday conference call with analysts and investors, Tilray CEO Irwin Simon attributed the impairment charge to “both market conditions and the work that we have done to optimize our operations.”
Simon said the company now aims to generate up to $4 billion in revenue by the end of its 2024 fiscal year, “depending upon federal (cannabis) legalization in the U.S. and Germany.”
Tilray’s net revenue for the 2022 fiscal year was $628.4 million, representing growth of 22.5% over the previous fiscal year.
By the end of Tilray’s 2023 fiscal year,
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