Tilray, Inc. (NASDAQ: TLRY) announced the company’s financial results for the first quarter that ended this year on the 31st of March. Within the Q1 fiscal results it shows that the company increased its revenue amount by 195.1% when compared to last year’s first quarter results. This nearly 200% increase in revenue amounted to a total revenue of $23 million. The dramatic jump in sales revenue is attributed by the company to the legalization of recreational cannabis in October of 2018, sales of hemp food products from the acquired Manitoba Harvest, and an increase in sales from its position within international medical cannabis markets.
A key highlight from within the first quarter’s report included a huge increase of more than double the amount of kilograms of cannabis sold. Tilray sold 1,299 kilograms of dried cannabis flower in 2018 and managed to more than double that amount to 3,012 kilograms in Q1 of 2019. The company’s average net price for sold grams of dried cannabis flower decreased by $0.34 to $5.60 per gram from $5.94 per gram in the first quarter of 2018.
Brendan Kennedy, President and Chief Executive Officer of Tilray, stated: “We are pleased with our first quarter results and the ongoing, substantial progress our team has made to position Tilray as a global leader in the cannabis industry. We have made significant progress integrating our recent acquisitions of Manitoba Harvest and Natura Naturals, accelerating our entry into the United States hemp and CBD markets, and increasing our production and manufacturing capacity in North America and Europe. As we expand our operations around the world, we remain focused on making disciplined investments to maximize the multiple paths to value creation we are aggressively pursuing for our visionary investors.”
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