Tilray sees a growing marijuana business after partnering with Aphria.
Courtesy of Tilray
Pot producer
Tilray
reported a thinner net loss than analysts expected. The stock of marijuana made its appearance on Wednesday after office hours.
Tilray (ticker: TLRY) reported a fourth quarter net loss of $ 2.9 million, or two cents per share. The Wall Streets consensus estimate called for a net loss of 14 cents per share, according to FactSet. The company’s sales of $ 56.6 million exceeded estimates by $ 56 million.
The company’s recreational pot sales grew 49% year-over-year to $ 25.3 million. International medical sales jumped 191% to $ 11.7 million, while medical sales in Canada rose 26% to $ 4.2 million. Total cannabis revenue, which does not include $ 15.3 million in the hemp category, reached $ 41.2 million.
Tilray’s stock has fluctuated up and down last week after users on the Reddits WallStreetBets forum started posting articles on marijuana stocks. Tilray is expected to enter into a combination with
Aphria
(APHA) in the second trimester. Under the announced terms of the deal, each Aphria share would be exchanged for 0.84 shares of the new Tilray.
Amid accelerating regulatory changes and an increasingly favorable political environment, our proposed merger with Aphria will position the combined company as a global leader with the lowest cost of production, leading brands. , a well-developed distribution network and unique partnerships, current TIlray CEO Brendan Kennedy said in the results release. Aphria CEO Irwin Simon will become CEO of the combined entity, while Kennedy will become chairman.
Kennedy highlighted more than C $ 100 million (US $ 78.7 million) of pre-tax synergies expected for Tilray after the merger. The overall impact of these value drivers gives the certainty that the new Tilray will generate significant value for shareholders, he added.
Tilray stock rose 11% on Wednesday after-hours, while Aphria stock rose 7.7%.
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