Tilray reported revenue of $45.9M (beating estimates of $40.3M), but posted a loss of $17.9M when analysts only expected losses of $14.4M.
- Tilray president and CEO Brendan Kennedy said that in a once-in-a-lifetime legalized industry emerging out of nothing, “if you want to dominate that global industry, you’d be constraining yourself if you were focused on profitability at this point.”
- Saying “Globally, now’s the time to invest,” Kennedy signalled his intention to continue building the corporation.
- Cronos reported a Q2 2019 loss of $17.8M, even as net revenue spiked from $3.39M to $10.24M, quarter over quarter. Bloomberg
- Supreme Cannabis predicted its Q4 2019 revenue will increase 97% over the previous quarter, and 449% year over year. CEO Navdeep Dhaliwal said the green rush is over and the industry is at “an inflection point. We’re entering a stage where people are really looking at… who’s operating good businesses.” Bloomberg
- Because early enthusiasm over acquisitions boosted prices, many LPs are carrying loads of goodwill (value applied to the company beyond that of its physical assets) that could lead to writedowns.