Canadian cannabis giant Tilray, Inc. TLRY TLRY reported its latest financial results on Wednesday, touting a spike in both fourth-quarter and full fiscal 2021 revenue.
CEO Irwin D. Simon said that Tilray is "leading the global cannabis industry with low cost of production, leading brands, a well-developed distribution network, and unique partnerships."
Based in New York and Leamington, Ontario, Tilray reported the fourth quarter 2021 revenue increase of 25% to $142.2 million from $113.5 million in the prior-year quarter. Net cannabis revenue totaled $53.7 million, representing a 36% growth.
Net revenue grew by 27% to $513.1 million during 2021, from $405.3 million in 2020, driven mainly by a 55% growth in net cannabis revenue, which amounted to $201.4 million.
The company highlighted that the financial results include a full quarter of the old Aphria (through May) and one month of the old Tilray. The two Canadian cannabis companies merged in May, after months of negotiations.
Click here to listen to Irwin Simon, CEO of Tilray ($TLRY) Interview on Benzinga Cannabis Hour Podcast.
The resulting company is expected to generate roughly $80 million in annual pre-tax cost synergies within the next eighteen months in the key areas of cultivation and production, cannabis and product purchasing, sales and marketing and corporate expenses.
"In a very short period of time since our business combination was finalized, we transformed and strengthened Tilray, delivered solid results amid continued COVID-19 lockdowns and restrictions, and achieved $35 million in synergies to date – well on our way to delivering $80 million in cost savings over the next 16 months," Simon explained.
- Read all about the results here.
And watch Tilray’s CEO Irwin Simon answer your questions on Benzinga’s Cannabis Hour, with Javier Hasse and Patrick Lane.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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