The Week In Cannabis: Tilray Earnings, NY Hits $1B In Sales, DoorDash Embraces Hemp, Ukraine And More
The cannabis industry saw significant developments this week, with key updates from New York, New Jersey, Tilray, DoorDash, Ukraine, Agrify, Safe Harbor, the DEA and Canopy USA shaping the landscape. Here’s a closer look at the highlights.
New York Cannabis Industry Reports $1 Billion In 2024 Sales
New York’s Office of Cannabis Management (OCM) released its 2024 annual report, showing robust growth despite a rocky start. Cannabis retailers in the state achieved nearly $1 billion in sales for 2024, supported by the issuance of 1,394 adult-use licenses, 52% of which were granted to Social and Economic Equity (SEE) applicants. The state opened 156 dispensaries, contributing over $64 million in tax revenue.
Looking ahead, the OCM aims to have 625 dispensaries operational by the end of 2025. To enhance transparency and accessibility, it launched the Legal Online Cannabis Activities Locator (LOCAL) Map, helping residents locate legal dispensaries and track license applications. However, challenges persist, including lawsuits from operators opposing recent regulatory changes and ongoing competition from unlicensed markets.
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New Jersey Outpaces New York
Neighboring New Jersey’s cannabis market reported $1 billion in sales for 2024, a 25% year-over-year increase. The Cannabis Regulatory Commission (CRC) attributed the growth to consumer trust and economic opportunities.
“This momentum sets a solid foundation for continued success in the years ahead,” said Chris Riggs, acting CRC director. These sales generated an estimated $43 million in tax revenue.
Tilray Reports Q2 2025 Financial Results
Shares of Tilray Brands (NASDAQ:TLRY) traded down by double digits on Friday after the company reported its second-quarter financial results for fiscal year 2025.
Net revenue increased by 9% to $211 million compared to $194 million in the prior year quarter, with a 10% increase on a constant currency basis. Gross profit grew 29% year-over-year to $61 million, driven by improvements across all four business segments.
Key highlights include:
- Beverage alcohol revenue surged 36% to $63 million, with gross margins improving to 40%.
- Wellness segment revenue grew 13% to $15 million.
- International cannabis revenue increased by 25%, demonstrating Tilray’s expanding …