Adds CEO feedback, background
Adds CEO feedback, background
March 2 (Reuters) – Canada-based pot agency Tilray Inc TLRY.O reported a much bigger quarterly loss on Monday, harm by an impairment cost associated to its property and better prices, as oversupply and different challenges weigh on the Canadian marijuana market.
The firm’s shares fell 9.8% in after-market buying and selling.
The nation legalized leisure hashish in October 2018, however earnings stay elusive for many marijuana firms. Canadian weed producers have been hit by fewer-than-expected new shops, low costs and oversupply.
Final month, Aurora Hashish ACB.TO introduced plans to e-book as much as C$1 billion ($749.96 million) in impairment expenses and issued a bleak outlook, as the corporate struggles with excessive prices.
“Like our friends, we now have confronted business challenges, however we stay dedicated to driving long-term worth for our shareholders”, Tilray’s Chief Govt Officer Brendan Kennedy stated.
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