Today is the turn of Tilray to release the financial result of the quarter ended on December 31, 2020. For the first time, the Nanaimo-based company reported a profitable quarter, before the planned merger with Aphria.
The losses for this quarter amounted to only $3 million, while there was an increase by 19% of both the adult-use and medical cannabis businesses, generating $50.7 million in net revenue. The company sold almost 7,000 kilograms of cannabis in the fourth quarter.
"Over the course of 2020, and despite COVID-19 related challenges, we transformed and strengthened Tilray, delivered solid full year results, significantly reduced net loss, and achieved our stated goal of delivering break even or positive adjusted EBITDA in Q4 2020," Brendan Kennedy, CEO of Tilray, explained.
The merger with Aphria is expected to be completed in the second quarter of this year, creating one of the biggest cannabis companies globally.