Tilray Q1 Revenue Up 15% to $177M as Cannabis and Craft Beer Divisions Drive Growth; Net Loss Narrows

Tilray Brands reported a 15% increase in net revenue to $177M in Q1, driven by growth in cannabis and beverage alcohol divisions. The company narrowed its net loss to $55.9M.

Tilray grew its leading cannabis market share in Canada to 13.4%. It cited continued growth in the legal Canadian recreational market.

CEO Irwin Simon said recent M&A in craft beer will accelerate Tilray's growth beyond recreational cannabis as legalization lags in the U.S. and Europe.

Tilray completed its acquisition of 8 craft beer brands from Anheuser-Busch, making it the 5th largest U.S. craft brewer. It also acquired the remainder of Truss Beverages.

Tilray's beverage alcohol revenue grew 17% to $24M, citing growth at its Montauk Brewing craft beer subsidiary acquired last year.