TLRY - Cannabis Giant Tilray Reports 30% YoY Increase In Q3 Net Revenue Updates FY 2024 Guidance | Benzinga
Tilray Brands, Inc. (NASDAQ:TLRY) (TSX:TLRY) reported financial results on Tuesday for its third quarter ended Feb. 29, 2024, revealing $188.3 million in net revenue, representing a 30% year-over-year increase.
The Canadian medical cannabis company said beverage-alcohol net revenue increased 165% over the same period to $54.7 million. Global cannabis net revenue was up 33% year-over-year reaching $63.4 million, with international cannabis growth of 44% over the prior year quarter.
"We made several notable achievements during the third quarter, including growing revenue across our core business segments, increasing our adjusted gross profit, reducing our convertible debt balance, progressing the integration of our recently acquired craft beverage brands, realizing operating synergies in integrating our HEXO acquisition, completing our Canadian and international cannabis cost reduction plans, and strengthening our balance sheet," said Irwin D. Simon, the company's chairman and CEO.
Simon told Benzinga in 2021 that he was set to capitalize on cannabis legalization in the U.S. and intended to create beer infused with cannabis. He has been a keynote speaker ...