Tilray Posts US$61.6 Million Loss

Tilray reviews quarterly loss, loses prime choose standing

The Canadian hashish market continues to wrestle, with a number one publicly traded firm posting a extreme loss.

On Monday (January 9), Tilray Manufacturers (NASDAQ:TLRY,TSX:TLRY) shared outcomes for the second quarter of its 2023 fiscal yr, reporting a quarterly internet lack of US$61.6 million, or US$0.11 per share, for the interval ended November 30, 2022.

In the identical quarter final yr, the agency reported a internet revenue line of US$5.8 million.

In a call with analysts, Tilray CEO Irwin Simon expressed annoyance on the lack of progress in US hashish reform, which he believes may unlock the American marketplace for Canadian operators similar to Tilray. “I am annoyed that legalization, whether or not it is SAFE Financial institution, whether or not it is MORE Act, whether or not it is descheduling — nothing has occurred inside hashish,” he stated.

Moreover, the chief speculated that progress for grownup hashish gross sales in Germany, one other market Tilray is eager about, could be transferring quicker have been it not for the present battle in Europe.

“I am certain if Ukraine did not occur, Germany could be authorized as we speak, however we’re prepared and might be prepared,” he stated.

Tilray’s loss was observed by market contributors — BNN Bloomberg reported that the highest hashish analyst at CIBC’s (TSX:CM) funding arm has modified his prime hashish choose from Tilray to Village Farms Worldwide (NASDAQ:VFF).

Not too long ago, Charles Taerk, president and CEO of Faircourt Asset Administration, informed the Investing Information Community that Village Farms is his prime choose for hashish growers in Canada due to its agricultural know-how.

Simon famous that Tilray continues to work on streamlining actions. “We’re near attaining our elevated annualized price financial savings goal of US$130 million, in line with our dedication to constructing a lean, environment friendly, and dynamic enterprise that can notice tangible and speedy advantages because the market improves,” he stated.

Connecticut launches leisure hashish gross sales

The state of Connecticut opened its doors to leisure hashish gross sales this previous week. On Tuesday (January 10), authorized gross sales of adult-use hashish merchandise formally kicked off with 40 dispensaries within the state.

State regulators celebrated the launch, which introduced US$251,276 in gross sales and a “easy” course of in shops, in keeping with a tweet from the Connecticut Division of Shopper Safety (DCP).

“We’ve got had no reported points at any of our retailers, and we’re happy with the profitable launch of the regulated adult-use market,” Michelle H. Seagull, commissioner of the DCP, stated.

In statements, a couple of hashish operators celebrated the opening of the Connecticut market.

“We anticipate Connecticut might be a booming adult-use market,” Peter Caldini, CEO of Acreage Holdings (CSE:ACRG.A.U,OTCQX:ACRHF), said.

For his half, Matt Darin, CEO of Curaleaf (CSE:CURA,OTCQX:CURLF), commended the governor of Connecticut, Ned Lamont, for his management in getting the state’s hashish insurance policies to the place they’re now.

A forecast from hashish information researcher Headset signifies that the state’s adult-use market is about to provide US$215 million in income throughout its first yr of operation.

Hashish firm information

• Delta 9 Hashish (TSX:DN,OTCQX:DLTNF)will attempt to save between C$3 million and C$4 million. In accordance with the agency, 40 staff at its Winnipeg facility will face “a brief layoff” as output within the facility will drop 40 p.c. “This was a really tough determination, however it’s a key element of executing on our strategic plan and one we consider finest positions Delta 9 for worthwhile progress,” CEO John Arbuthnot stated.

• Jushi Holdings (CSE:JUSH,OTCQX:JUSHF)confirmed vital administration turnover with the appointment of Michelle Mosier as CFO, in addition to the resignation of Leonardo Garcia-Berg as chief operations officer.

• Akerna (NASDAQ:KERN)sold its Hashish 365 software program platform to 365 Holdco for roughly US$2.8 million.

• Cannara Biotech (TSXV:LOVE,OTCQB:LOVFF)proposed the consolidation of all its issued and excellent widespread shares. The proposal might be as much as approval from buyers, who’re set to satisfy on January 25.