Tilray Announces Third Quarter Financial Results | Financial Buzz

Tilray Announces Third Quarter Financial Results

Tilray is a global pioneer in the research, cultivation, production and distribution of cannabis and cannabinoids currently serving tens of thousands of patients and consumers in 13 countries spanning five continents.

Tilray, Inc. (NASDAQ: TLRY) reported financial results for the third quarter.  Revenue for the third quarter increased 408.6% to USD 51.1 Million compared to same period a year prior.  This was primarily driver by the Canadian Cannabis Market, international medical markets and the Manitoba Harvest acquisition. 

“Our performance in the third quarter, including solid revenue growth and sequential gross margin expansion, reflects the positive business trends we have underway,” said Brendan Kennedy, Tilray’s President and Chief Executive Officer. “We are in the early days of seeing our strategic initiatives bear fruit – including our European expansion, brand portfolio evolution and strategic partnership product launches. We continue to expect significant growth in the fourth quarter and into 2020.”

He continued, “Beyond that, our strong global infrastructure and supply chain are a critical competitive advantage and our team is focused on maximizing the substantial opportunity we have to deliver long-term, sustainable value to our shareholders.”

Share value of Tilray rose over USD 22 this morning before selling off, reaching a low of USD 20.92.  Will Tilray tests its current 52 week low of USD 20.20?