Tilray Meets High Demand On Cannabis: Revenues Jump 40%

First-quarter revenue of Canadian pot producer Tilray Inc rose by 43% due to strong demand for cannabis after the coronavirus-led lockdowns. Tilray stock lost 2% off the price and gained it back today in the pre-market trading. It’s now trading at $11.07. Canopy said its revenue rose 38% in the third quarter. Due to the effects of COVID-19, more people turned to marijuana for relaxation. This led to the rise in sales of pot producers.

It was on track to save about $80 million from its acquisition of Aphria, which is expected to close in the second half of the year. The company also noted that it had already saved about $55 million. It operates through five segments: Medical, Adult-use, Dispensary, Beverage Alcohol, and Wellness. The company’s products are sold to retailers, wholesalers, hospitals, and clinics. In addition, it offers hemp-based food and beverages.