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Full Year 2020
The company reported that total revenue increased 26% to $210.5 (C$281.9) million during 2020 from $167.0 million in 2019. The increase was driven by $26.5 million or 25% growth in the Cannabis segment, and $17.0 million or 28% growth in the Hemp segment. The Hemp segment increase was partially due to the timing of the Manitoba Harvest acquisition in 2019 which resulted in 10 months of sales in 2019 compared to 12 months in 2020.
The net loss for the year decreased to $(271.1) million, or $(2.15) per share, compared to $(321.2) million or $(3.20) per share in 2019 largely due to the cost optimization measures undertaken during 2020. “In 2020, we recorded non-cash impairment charges of $61.1 million and $38.4 million of inventory valuation adjustments, as well as a non-cash charge of $100.3 million related to warrant valuations, partially offset by non-cash gains on debt conversion of $(61.1) million.”
O’Farrell went on to say, “As the cannabis sector overall continues to find its footing, one of the big questions the industry is wrestling with is: Is bigger better? Well, Tilray’s results are taking the guesswork out of that query. And investors were quick to notice. Tilray shares shot up more than 10% in after-hours trading. And although one quarter doesn’t make a trend, the winds are in the sector’s sails, as optimism linked to U.S. federal legalization continues to blow.”
Piper Sandler analyst Michael Lavery cut his Tilray rating (TLRY) to neutral from overweight citing the unlikelihood of further upside given the current valuation. The stock was lately trading at $31 far from its 52-week high of $67. Still, the analyst raised his price target from $15 to $26. Lavery said he believes that the merger with Aphria will improve profitability, deal synergies, and lead to an increase in higher-margin international sales. But he expressed concern that it could still be a year or two before marijuana is legally allowed on a federal level in the U.S. “and there is still little visibility on THC’s plan to enter U.S. THC markets.”
The post Tilray Delivers Solid Quarter As Revenue Rises 20% appeared first on Green Market Report.
420GrowLife
via www.KahliBuds.com
Debra Borchardt, KahliBuds, 420GrowLife
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