The cannabis industry is still in its early stages, but there are a few companies that are already leading the path for an end to prohibition globally. Countries in Europe, Latin America, the Caribbean, and North America have legalized cannabis for recreational use while plenty of others in Asia and the Middle East have eased restrictions on medicinal use.
Tilray Inc. has been a leading force in the international cannabis community and their 2021 fiscal year results are proof they have no signs of slowing down. Per MJ News Network, the company boosted its net revenue by 27% to $513M in comparison to the year prior. Their top position in the Canadian market certainly played a significant role as their cannabis revenue grew by 55%.
This is very impressive for any company, especially throughout a global pandemic that shuts down the economy. Tilray Inc. also completed its acquisition of Aphria Inc., achieving upwards of $35M in synergies so far.
“Early results from the new Tilray affirm that, while the global cannabis market remains in its early stages, our vision, scale, access to resources, and operational excellence position us optimally to capitalize on the opportunity,” said CEO and Chairman of Tilray Inc., Irwin D. Simon. “In a very short period of time since our business combination was finalized, we transformed and strengthened Tilray, delivered solid results amid continued COVID-19 lockdowns and restrictions and achieved $35 million in synergies to date – well on our way to delivering $80 million in cost savings over the next 16 months.”
As a leader in cannabis goods, including a variety of hemp products, Tilray’s success in the past fiscal year is a strong indication of its trajectory. Simon explained that the latest moves are laying the groundwork down to optimize their infrastructure.
“These are early achievements but they provide the roadmap for our strategy and priorities moving forward,” Simon continued. “Tilray is now truly leading the global cannabis industry with low cost of production, leading brands, a well-developed distribution network, and unique partnerships that we believe will drive sustainable shareholder value in the quarters to come.”