Cannabis plants grow inside a Tilray facility in Cantanhede, Portugal, on April 24, 2019.Rafael Marchante/Reuters
Tilray Inc. incurred a US$2.9-million loss in its latest quarter, just as the company was signing a blockbuster deal to merge with competitor Aphria Inc.
The Nanaimo, B.C.-based cannabis business says that fourth quarter net loss was down “significantly” from the US$219.1 million net loss it reported during the same quarter the year prior.
The loss for the period ended Dec. 31 amounted to 2 US cents per share, which compared with a loss of US$2.14 per share the year before.
Financial markets data firm Refinitiv said analysts had expected Tilray, which keeps its books in U.S. dollars, to report a loss of 14 cents per share US.
Tilray says its revenue reached US$56.5 million, up from US$46.9 million previously.
Tilray and Aphria announced in December that they would merge later this year with Aphria’s chief executive Irwin Simon to lead the new company that will operate with the Tilray name.
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