British Columbia-based cannabis producer Tilray reported quarterly revenue of $51.1 million (CA$67.8 million), an improvement from the previous quarter’s $46 million and in line with consensus estimates.
The higher revenue was driven by medical sales in Canada and overseas.
Bulk shipments of medical cannabis and direct-to-patient sales within Canada rose to almost $14 million in the quarter ending Sept. 30, up from $9 million in the previous period.
International sales of medical marijuana jumped to $5.7 million, up sequentially from $1.85 million.
However, Tilray’s adjusted EBITDA loss widened in the quarter ending Sept. 30 to $23.5 million.
The amount of cannabis sold doubled in the third quarter to 10,848 kilograms (23,916 pounds), the company said in a news release.
Sales of adult-use cannabis in Canada we flat at $15.8 million, which is about $700,000 more than the previous quarter.
Tilray trades as TLRY on the Nasdaq.
A chart displaying the quarterly earnings for major cannabis companies is available here.