Canadian cannabis producer Tilray Brands narrowed its loss to $56 million ($77 million Canadian dollars) in the first quarter on record sales of $177 million, the company said in its financial results for its first quarter of fiscal year 2024.
The revenue is 15% higher than the same period last year, boosted by cannabis sales, as the New York- and Leamington, Ontario-based company said its recreational marijuana market share improved to an industry-leading 13.4%.
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Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a measure of profitability, was $11.4 million in the first quarter ended Aug. 31.
That’s compared with $13.5 million in the same quarter last year.
Tilray reiterated its adjusted EBITDA target of $68 million-$78 million for the fiscal year ending May 31, 2024.
The company said it still expects to generate positive adjusted free cash flow this year – a critical milestone in
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