Tilray reported 2019 Q1 earnings with revenue nearly tripling year over year to USD$23M. Losses were also high, ballooning from USD$5.2M last year to USD$30.3M.
Alpha Street, Investor Place, MarketWatch
- Like Cronos, an “asset-light” LP that hoped to broker rather than grow cannabis, Tilray discovered it was far harder than expected to find the quality of product it hoped on the wholesale market. Both companies are now scrambling to build cultivation facilities.
Barron’s, CBC Business
- Tilray CEO Brendan Kennedy (ranked second highest-paid CEO in the USA) accused growers across the country of having lied about how much cannabis they could produce.
- Kennedy predicted the Canadian sector remains 12 to 24 months away from being able to balance supply against demand, and said the absence of ingestibles or vape pens from the market meant the industry lacks “form factors.”