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Tilray Inc TLRY

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Aphria Shares Fall 14% as Lockdowns Weigh on Its Third Quarter; Fairly Valued as Tilray Deal Nears

Analyst Note

| Kristoffer Inton |

Aphria’s fiscal third-quarter results showed a marked decline stemming from lockdowns to control the COVID-19 pandemic in Canada. Unlike previous lockdowns, most dispensaries were closed to in-person sales and offered only online ordering for pickup or delivery. As a result, net cannabis revenue declined 8% year over year and 24% sequentially to $52 million. Adjusted EBITDA from cannabis declined 39% from the second quarter to $8 million. Aphria’s cost-cutting efforts helped protect some profitability from the top-line decline.

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Company Profile

Business Description

Tilray is a Canadian producer that cultivates and sells medical and recreational cannabis. In 2021, legacy Aphria acquired legacy Tilray in a reverse merger and renamed itself Tilray. The bulk of its sales are in Canada and in the international medical cannabis export market. U.S. exposure consists of CBD products through Manitoba Harvest and beer through SweetWater.

Contact
1100 Maughan Road
Nanaimo, ON, V9X 1J2
T +1 844 427-4742
Sector Healthcare
Industry Drug Manufacturers - Specialty & Generic
Most Recent Earnings Feb 28, 2021
Fiscal Year End May 31, 2021
Stock Type Distressed
Employees 1,200

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