Tilray Brands, a global cannabis-lifestyle and consumer packaged goods company, reported mixed financial results for the quarter ended August 31, 2023. The company saw a 15% increase in net revenue, reaching $176.9 million compared to $153.2 million in the same period last year. However, gross profit declined by 9% to $44.2 million from $48.6 million, with gross margin decreasing from 32% to 25%. Operating expenses rose by 13% to $78.6 million, primarily due to transaction costs and restructuring expenses related to recent acquisitions. Non-operating expenses were significantly lower at $4.4 million compared to $33 million in the previous year, mainly due to changes in fair value of convertible debentures and warrant liabilities, as well as foreign exchange gains. The company's business development was marked by the acquisition of HEXO Corp., which...Show More

Tilray Brands, a global cannabis-lifestyle and consumer packaged goods company, reported mixed financial results for the quarter ended August 31, 2023. The company saw a 15% increase in net revenue, reaching $176.9 million compared to $153.2 million in the same period last year. However, gross profit declined by 9% to $44.2 million from $48.6 million, with gross margin decreasing from 32% to 25%. Operating expenses rose by 13% to $78.6 million, primarily due to transaction costs and restructuring expenses related to recent acquisitions. Non-operating expenses were significantly lower at $4.4 million compared to $33 million in the previous year, mainly due to changes in fair value of convertible debentures and warrant liabilities, as well as foreign exchange gains. The company's business development was marked by the acquisition of HEXO Corp., which is expected to generate substantial cost savings and the purchase of a portfolio of craft beer brands from Anheuser-Busch. Tilray's future plans include leveraging its brand portfolio and infrastructure to drive market share and achieve profitable growth, while managing costs to maintain a strong financial position. The company also aims to capitalize on the evolving cannabis market in Canada and Europe, where it holds a leading position.