Tilray reported a 126% increase in sales year-over-year, though a US$30M impairment left the company posting an improved net loss of US$184.1 (down from $219.1M last quarter), and a US$19.7M loss in adjusted EBITDA. Net revenue was $47.1M.
- The company’s sales were up 11% quarter over quarter, helped by increased pandemic-related buying in March.
- CEO Brendan Kennedy said the future of will depend on retail. The company expects to see 1,250 stores across Canada by the end of the year.
- The company is no longer ascribing value to trim byproducts, once thought to be worth extracting.
CEO Kennedy offered some optimism, saying Fortune 500 companies are warming to investment in the sector, thanks in part to cannabis stocks descending from dizzy heights.
Ottawa’s Hybrid Pharm opened the first pharmacy outside of Shoppers Drug Mart with a sales license, and may provide both traditional pharmaceuticals and MED. (They are not licensed to compound cannabis.)
Demand for pediatric MED is increasing, even as most pediatricians are uncomfortable prescribing MED to children. The Canadian Paediatric Society will publish guidelines this summer.