Tilray Brands Inc (NASDAQ:TLRY) shares are trading higher Wednesday morning after the company reported third-quarter financial results.
Tilray said fiscal third-quarter revenue grew 23% year-over-year to $152 million. Cannabis revenue grew 32%, while beverage alcohol revenue grew 64%. Tilray noted that international cannabis revenue increased 4,000% year-over-year.
The company reported gross profit of $40 million, which was up 31% year-over-year. Gross margins increased to 26% during the quarter.
Tilray will host a conference call at 8:30 a.m. ET Wednesday to discuss these results.
Tilray is a Canadian producer that cultivates and sells medical and recreational cannabis.
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TLRY 52-Week Range: $4.78 - $23.04
The stock was up 6.12% at $7.46 at time of publication, according to data from Benzinga Pro.
Photo: ganjaspliffstoreuk from Pixabay.
