Tilray Doubles Revenue; Losses Mount

CBJ — Cannabis company Tilray more than doubled its revenue in 2018 as pot became legal in Canada, but had a net loss of $67.7 million as it expanded rapidly.

Its revenue for the year was $56.4 million for the Nanaimo-based company, representing a 110% increase. Revenue continued increasing in the fourth quarter to $20.9 million, three times its revenue in the comparable period in 2017.

However, net losses for the quarter came in at $0.33 per share compared to $0.04 per share for the previous year.

The company raised $153 million in its IPO last year and has been using that into a rapid expansion business plan.