As previously promised, today morning Tilray, the world’s largest cannabis company, shared its financial results for the first fiscal quarter, which ended last August 31. The results continue to be positive for a company that lately has been making very good decisions in order to continue to develop as the cannabis company par excellence globally.
Tilray president and CEO Irwin D. Simon said that the shared Q1 2022 results are clear evidence of how the company has been meeting two key objectives, especially as the global legalization of cannabis continues to grow more and more. “The first is maximizing near-term profitability through leadership in both higher-margin international medical markets and in Canada, complemented by incremental growth at SweetWater and Manitoba Harvest in the US,” added Simon.
According to the industry-leading company’s recently shared report, its net revenues saw a huge 43% increase to $168 million during the first quarter from $117 million in the prior-year quarter. With respect to market share in Canada, the company still remains the leader, with a leading portfolio of medical and recreational cannabis brands that have so far shown nothing but a resounding success. It has also reaffirmed its international market leadership, being the number one company in Germany for medical cannabis extracts.
Simon added, “The second objective is to fully realize the promise and potential of Tilray by capitalizing on the nearly $200 billion global cannabis market opportunity. We believe we are ideally positioned to succeed due to our global consumer-packaged goods expertise and scale, our diverse portfolio of brands, our reputation as a trusted supplier of high-quality cannabis, battle-tested leadership, and a relentless focus on driving sustainable shareholder value.”
This is considered EDITBA’s tenth consecutive positive adjusted quarter, obtaining a total of $12.7 million for that item. Profit also showed a positive result, with an increase of 46% to $51 million from $35 million in the prior-year quarter. With these green numbers, the company continues to demonstrate its worldwide leadership, and, according to many experts, it will be very difficult to see any other company surpassing its power.