During this week, Tilray—a marijuana company based in Columbia—reported that its cannabis annual sales were enhanced by more than two-folds in the Year 2018. After this announcement, the stock value of the company showed a positive growth of 3%.
Even the quarterly reports are in the favor of Tilray. The revenue generated by the company in Q4 of the Year 2018 was up by 110% from the previous year’s quarter. According to its recent financial update, the key factors behind this hike were the starting months after the approval for legal use of marijuana in Canada, bulk sales, and the rising wholesale exports. As per the expectations earlier set by analysts, the sales for its fourth quarter would have reached $14.1 Million.
CEO of Tilray, Brendan Kennedy specifically mentioned in the financial report that all the employees contributed efficiently to push the company towards its long-term plans of rising production facilities, developing and strengthening strategic collaborations, and acquiring corresponding companies to speed up its future growth in recreational and medical cannabis market.
In the final quarter of the Year 2018, the company was able to produce 2,053 kilograms of cannabis and its derivate products, as compared to 694 kilograms in Q4 of 2017. While the sales increased by more than 100% from 3,024 kilograms of marijuana in 2017 to 6,478 kilograms in the last year.
The last quarter was most significant for the company in expanding strategic collaborations with several equivalent businesses.
First, Tilray collaborated with Sandoz, which is a segment of Swiss drug manufacturer Novartis. The company was trying to increase easy accession of non-combustible and non-smokable medical cannabis to patients around the regions where its consumption is legal.
Recently, a collaboration has been announced by the company with AB InBev, with the aim to develop edible non-alcoholic CBD and THC beverages. Both the companies would be expected to invest equal share, around $50 Million each.