Cannabis operator Tilray trims loss to $46 million in quarter on record sales

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11 months ago

January 9, 2024

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Canadian cannabis producer Tilray Brands trimmed its loss to $46.2 million (61.6 million Canadian dollars) in the second quarter of its 2024 fiscal year on the back of record net sales.

Tilray reported second-quarter revenue of $193.8 million, a 34.4% improvement year-over-year – and in line with analysts’ expectations.

Revenue grew across all of the Leamington, Ontario- and New York-based company’s key operating segments, according to a Tuesday news release.

Cannabis sales in the quarter ended Nov. 30 were $67.1 million, a significant jump from 2023’s same quarter cannabis sales of $49.9 million.

Tilray’s distribution business experienced a revenue jump 12% year-over-year to $67.2 million in the quarter.

The wellness business saw the smallest increase in sales, growing 2.2% year-over-year to $12.9 million

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Rejected applicants sue Minnesota over marijuana social equity licensing process

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4 days ago

November 22, 2024

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Two women are suing Minnesota’s cannabis regulator after being denied an opportunity to participate in the upcoming lottery for adult-use marijuana social equity business licenses.

Cristina Aranguiz and Jodi Connolly allege in a lawsuit they filed Thursday allege that Minnesota’s Office of Cannabis Management (OCM) made an “arbitrary and capricious decision” in denying their applications to participate in the lottery and offered no explanation, the Minnesota Reformer reported.

Earlier this week, the OCM announced that roughly two-thirds of the 1,817 social equity license applicants had been disqualified because they failed to complete the application process, turned in multiple applications or disguised the true investors in their companies.

The plaintiffs’ complaint – which also names the OCM’s interim director, Charlene Briner – alleges

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USDA assumes oversight of Michigan hemp farmers

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4 days ago

November 22, 2024

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Michigan hemp farmers are operating under the U.S. Department of Agriculture now that the state has shut down its industrial hemp program.

According to Hemp Today, the change means farmers are subject to stricter pre-harvest THC testing protocols that require all tests to be conducted at Drug Enforcement Administration-approved laboratories once that program is up and running.

Compliance requirements also are more stringent, with more detailed recordkeeping and reporting mandated.

But some of the changes will benefit hemp farmers, according to Hemp Today.

For example, licensing fees will be lower than the $1,350 that hemp farmers were paying to grow their crops.

“Now that more uses of industrial hemp products in the building and animal feed sectors are starting to emerge, this

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California’s capital city OKs marijuana consumption lounge licenses

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6 days ago

November 20, 2024

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The Sacramento City Council approved a measure that paves a path for California’s capital to issue consumption lounge licenses sometime in 2025.

The ordinance was approved 5-4 on Tuesday, despite opposition from certain Council members, the American Heart Association and American Cancer Society, according to The Sacramento Bee.

The organizations highlighted the effects of secondhand smoke on employees, customers and neighbors.

Similar concerns about smoke ventilation has led to lengthy delays in other markets, including Nevada, where regulators ultimately eased ventilation standards so operators could comply with the new rules without installing costly system overhauls.

Sacramento officials expect to issue permits in the first half of next year after the Council considers cannabis land-use and zoning amendments, the Bee reported.

When those

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