The COVID-19 pandemic has not materially hurt cannabis producer Tilray Inc.’s ability to sell pot to medical patients and recreational customers, the company said late Monday as it reported a wider-than-expected net loss.
Shares of Tilray TLRY, +3.85% fell 1.9% in the extended session after closing up 3.9% to close at $8.08 in Monday trading. The stock has lost just over half its value this year, as the Cannabis ETF THCX, -0.34% has fallen 31%.
The British Columbia-based cannabis company reported a first-quarter net loss of $184.1 million, which amounts to $1.73 a share, compared with a loss of $29.4 million, or 31 cents a share, a year ago. The company’s larger-than-expected losses were a result of non-cash changes in the value of its warrants, a $29.8 million asset impairment charge and $28.1 million in foreign currency-related expenses because of the relative weakness of the Canadian dollar.
The company said layoffs resulted in an additional $1.9 million in severance costs.
Tilray’s revenue rose 126% to 52.1 million, from $7.9 million a year ago, and the company said that it paid $5 million in excise duties, which many consumer packaged-goods companies remove from gross revenue. Tilray’s revenue grew 11% compared with the fourth quarter. [Read more at MarketWatch]