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Tilray Brands, Inc. (NASDAQ:TLRY) (TSX:TLRY) reported financial results on Tuesday for its third quarter ended Feb. 29, 2024, revealing $188.3 million in net revenue, representing a 30% year-over-year increase.
The Canadian medical cannabis company said beverage-alcohol net revenue increased 165% over the same period to $54.7 million. Global cannabis net revenue was up 33% year-over-year reaching $63.4 million, with international cannabis growth of 44% over the prior year quarter.
"We made several notable achievements during the third quarter, including growing revenue across our core business segments, increasing our adjusted gross profit, reducing our convertible debt balance, progressing the integration of our recently acquired craft beverage brands, realizing operating synergies in integrating our HEXO acquisition, completing our Canadian and international cannabis cost reduction plans, and strengthening our balance sheet," said Irwin D. Simon, the company's chairman and CEO.
Simon told Benzinga in 2021 that he was set to capitalize on cannabis legalization in the U.S. and intended to create beer infused with cannabis. He has been a keynote speaker at past Benzinga Cannabis Capital Conferences. The two-day event returns to Florida, in a new venue in Hollywood, on April 16 and 17, 2024.
For its fiscal year ending May 31, 2024, the company is now guiding to an adjusted EBITDA target of $60 million to $63 million.
In addition, the company no longer expects to generate positive adjusted free cash flow for the full fiscal year 2024, due to delayed timing for collecting cash on various asset sales.
Tilray's shares traded 13.5135% lower at $2.24 per share during Tuesday’s pre-market session.
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!