Cannabis/Beer Company Tilray Outlines Plan To Reduce Its Beverage Portfolio, Reports Mixed Q2 Earnings
On Friday, Tilray Brands, Inc’s. (NASDAQ:TLRY) second-quarter net revenue increased 9% year-over-year to $210.95 million, missing the consensus of $216.91 million.
On a constant currency basis, net revenue increased by 10%.
- Beverage alcohol net revenue increased 36% to $63 million.
- Cannabis net revenue was $66 million in the second quarter compared to $67 million in the prior year quarter.
- Distribution net revenue was $68 million in the second quarter compared to $67 million a year ago.
- Wellness net revenue increased 13% to $15 million.
Gross profit increased by 29% to $61 million in the second quarter compared to $47 million in the prior year quarter, with growth across …