FILE PHOTO: Cannabis plants grow inside the Tilray factory hothouse in Cantanhede, Portugal April 24, 2019. REUTERS/Rafael Marchante
January 10, 2022
(Reuters) – Tilray Inc reported a 20% jump in second-quarter revenue on Monday, as the Canadian pot producer benefited from higher demand for cannabis and related products.
Pandemic-induced lockdowns have lifted demand for cannabis-related products from homebound customers, while the new marijuana sector-friendly policy changes including access to federal banking has sparked optimism among investors.
The world’s largest cannabis producer by sales said its revenue rose to $155 million in the quarter ended Nov. 30 from $129 million a year earlier.
The company posted a net income of $6 million in the quarter, compared with a loss of $89 million a year earlier.
(Reporting by Rithika Krishna in Bengaluru; Editing by Ramakrishnan M. and Shinjini Ganguli)
