Cannabis giant Tilray Inc. TLRY saw revenue climb to $210.5 million in 2020. That's a 26% spike compared to what the Nanaimo, Canada-based company reported for 2019.
In Tilray's earnings report published Wednesday afternoon, CEO Brendan Kennedy credited the growth to international medical sales and Canadian adult-use sales, up 191% and 49%, respectively, throughout the fourth quarter.
Tilray also reduced costs by about $57 million compared to the same three-month period in 2019.
"As a result, we now operate with a more focused, efficient and competitive cost structure," he said in a prepared statement.
Q4 Breakdown: Tilray is currently in the midst of closing a merger with fellow Canadian cannabis company Aphria Inc. APHA. The deal should wrap in the second quarter of 2021.
In addition, the company reported:
- A total revenue increase of $56.6 million — up 20.5% compared to the fourth quarter of 2019
- A cannabis segment revenue increase of 46% to $41.2 million
- A net loss of $3 million (it lost $219.8 million for the same period in 2019)
- Adjusted EBITDA of $2.2 million
- Some $261.3 million in cash as of Feb. 16
A 'New' Tilray: Kennedy cited an "increasingly-favorable political environment," as well as the pending transaction with Leamington, Ontario-based Aphria, for positioning Tilray for growth.
"Finally, and as previously stated, the ‘new’ Tilray will achieve over C$100 million in anticipated pre-tax synergies," he added, touting "significant value for stockholders.”
In addition, the company highlighted its cross-border expansion efforts — namely in Portugal and Spain. Those recent moves allowed Tilray to make its brand of medical cannabis available in 17 countries.
Tilray's stock closed at $31.51 and traded up 10% in after-hours trading.
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