Amidst the different efforts and improvements achieved by Canadian pharmaceutical and cannabis firm, Tilray, for the second quarter of this year, it was supposedly faced with a stretched-out debt.
As reported by MJ Headline News, the company incurred an unadjusted net loss of $35.1 million compared to last year’s second quarter loss of $12.8 million; amounting to a total of 174 percent. Some of the factors that contributed to said increase rests in a number of expenses including those related to operations focusing on expansion, interest expense and both Manitoba Harvest and Natura businesses.
Nonetheless, the firm has succeeded on a number of endeavors. For instance, compared to last year, the total kilogram sold has tripled from 1,514 kg to 5,588 kg. Similarly, the revenue increased by $371.1 percent, they were able to decrease net selling price from $6.38 to $4.61 due to reduced mix of higher priced extracts and gross margin increased from 23 to 27 percent.
Some of the areas that the company managed to secure deals in include capacity expansion (i.e. expanding international export cap. by signing deals to increase presence and making investments accordingly), international market developments (i.e. medical solutions launched in Ireland and Manitoba Harvest’s launch of broad-spectrum line accepted in the US), expanding brand portfolio, further developing the senior management team and involving themselves in a number of clinical research development.
Tilray’s President and CEO, Brendan Kennedy shared that the team is pleased with the results and overall performance of the company. He explicitly said:
“Our team has executed against our plan, with adult-use revenue nearly doubling in the second quarter compared to the first […] As we continue to grow, we remain focused on our long-term strategic objectives and deploying capital to maximize stockholder value.”