Cannabis producer Tilray quietly cuts $4 billion sales target for 2024

Tilray Brands has quietly dropped its commitment to achieve annual revenue of $4 billion (C$5.3 billion) by the end of 2024, and analysts now predict the North American cannabis producer will fall well short of that figure, expected to fall about 80 percent short of its $4 billion sales target. Analysts say Tilray's goals are being held back by "delayed" legalization in the U.S. and Germany and ongoing problems in Canada, including price compression, overproduction and slowing national sales. The Ontario and Leamington, New York-based company is not the only cannabis company to fail because of delayed legalization and U.S. reform, among other difficulties. The industry is gearing up for a challenging 2023. In the U.S., Colorado-based Akerna Corp . the parent company of marijuana technology company MJ Freeway, said last week it would exit the industry. Also last week, Massachusetts-based multi-state operator Curaleaf Holdings said it would exit California, Oregon and Colorado. In Europe, Colombian cannabis company Clever Leaves has announced plans to exit Portugal.

Information source: new.qq.com/omn/author/8713560