Analyst Note| Kristoffer Inton |
Tilray reported a decent third quarter, highlighted by its 12th straight quarter of positive adjusted EBITDA while its Canadian peers are still searching for breakeven. Still, results continue to be weighed down by the continued difficulty of the Canadian market. So, while gross cannabis revenue was up 24% over the prior year quarter, this is largely driven by success in Germany attributable to legacy Tilray’s position there. Tilray’s international cannabis sales reached nearly $16 million, compared with less than $350,000 a year ago. International success masks the continued challenges in Canada, where Tilray’s adult-use sales were down 12% over the second quarter and down nearly 40% from the first quarter. Tilray retained the largest share of just over 10% in a market flooded with 800 licensed producers.