Tilray, a company based in Nanaimo, British Columbia, reported its net loss widened to US$1.73 a share from 31 cents in the year-earlier period. Revenue reached $52.1 million from $23 million.
FactSet surveyed analysts who were expecting the company to report a GAAP net loss of 44 cents a share on revenue of $49.5 million.
"During and since the first quarter, we took significant steps to drive efficiencies across our business, enabling us to realize annualized cost savings of approximately $40 million compared to fourth quarter 2019 run rates," Chief Executive Brendan Kennedy said in a statement.
"While the positive impact of these actions are not fully reflected in this quarter’s results, they will become more clearly evident over the course of this year."
The company expanded its international operations significantly, which more than tripled revenue. Tilray's international medical segment accounted for more revenue, $5.8 million than its domestic Canadian medical segment did at $4.1 million.
Commenting on Tilray earnings, Jim Cramer said all pot stocks need Democrats to show up with some wins in the November election.
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