Canadian cannabis company Tilray reports net loss of $434 million for 2022

Canadian cannabis and alcohol company Tilray Brands reported a fourth quarter net loss of $457.8 million and a net loss of $434 million for fiscal 2022. The quarterly and annual net loss includes a $395 million non-cash impairment charge "primarily affecting inventory, goodwill and other intangible assets. In a conference call with analysts and investors Thursday, Tilray CEO Irwin Simon attributed the impairment charge to "market conditions and the work we've done to optimize our operations. Simon said the company now aims to generate up to $4 billion in revenue by the end of fiscal 2024, "depending on federal (marijuana) legalization in the U.S. and Germany." Tilray's net income for fiscal 2022 was $628.4 million, up 22.5 percent from the previous year. Tilray believes "all of Europe could legalize medical marijuana in the next two years or sooner, with certain countries legalizing adult use shortly thereafter." The company's annual net revenue of $628.4 million includes 38 percent of cannabis revenue, 42 percent of distribution revenue, 11 percent of beverage alcohol revenue and 9 percent of wellness revenue.

Information source: mjbizdaily.com/