Tilray, Cronos Report Major Declines in Price Realized Per Gram of Cannabis

Article by Vanmala Subramaniam, Growth Op

CANNABIS INVESTING Tilray, Cronos report major declines in price realized per gram of cannabis Cannabis prices are declining as inventory piles up By Vanmala Subramaniam Cronos Group’s revenue per gram of cannabis sold fell in a market suffering from surplus supply. Reuters/Blair Gable

Canadian licensed cannabis producer Tilray Inc. on Tuesday reported that its third-quarter loss had doubled despite rising sales, an outcome driven by a sharp increase in operating expenses related to the company’s international businesses and an expansion into the hemp industry.

The Nanaimo, B.C.-based company posted a net loss of US$35.7 million for the quarter ending Sept. 30, up from US$18.7 million a year ago. Revenue increased by approximately $12 million to $67.8 million for the quarter, boosted primarily by sales in the medical market and revenue from its acquisition of Manitoba Harvest earlier this year.

Sales to the domestic adult-use market represented just 30 per cent of Tilray’s total revenue for the quarter, a decline of two per cent from the second quarter.

The company sold 10,848 kilogram-equivalent of cannabis, almost double the amount it sold in the prior quarter but took a hit on average net selling price per gram, which plummeted 30 per cent to just $3.25.

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