Tilray reviews quarterly loss, loses prime decide standing

The Canadian hashish market continues to wrestle, with a number one publicly traded firm posting a extreme loss.

On Monday (January 9), Tilray Manufacturers (NASDAQ:TLRY,TSX:TLRY) shared outcomes for the second quarter of its 2023 fiscal yr, reporting a quarterly internet lack of US$61.6 million, or US$0.11 per share, for the interval ended November 30, 2022.

In the identical quarter final yr, the agency reported a internet earnings line of US$5.8 million.

In a name with analysts, Tilray CEO Irwin Simon expressed annoyance on the lack of progress in US hashish reform, which he believes may unlock the American marketplace for Canadian operators reminiscent of Tilray. “I am pissed off that legalization, whether or not it is SAFE Financial institution, whether or not it is MORE Act, whether or not it is descheduling — nothing has occurred inside hashish,” he mentioned.

Moreover, the chief speculated that progress for grownup hashish gross sales in Germany, one other market Tilray is enthusiastic about, can be shifting quicker have been it not for the present battle in Europe.

“I am certain if Ukraine did not occur, Germany could be authorized at the moment, however we’re prepared and will probably be prepared,” he mentioned.

Tilray’s loss was observed by market members — BNN Bloomberg reported that the highest hashish analyst at CIBC’s (TSX:CM) funding arm has modified his prime hashish decide from Tilray to Village Farms Worldwide (NASDAQ:VFF).

Not too long ago, Charles Taerk, president and CEO of Faircourt Asset Administration, instructed the Investing Information Community that Village Farms is his prime decide for hashish growers in Canada due to its agricultural know-how.

Simon famous that Tilray continues to work on streamlining actions. “We’re near reaching our elevated annualized value financial savings goal of US$130 million, in step with our dedication to constructing a lean, environment friendly, and dynamic enterprise that may notice tangible and rapid advantages because the market improves,” he mentioned.

Connecticut launches leisure hashish gross sales

The state of Connecticut opened its doorways to leisure hashish gross sales this previous week. On Tuesday (January 10), authorized gross sales of adult-use hashish merchandise formally kicked off with 40 dispensaries within the state.

State regulators celebrated the launch, which introduced US$251,276 in gross sales and a “easy” course of in shops, in accordance with a tweet from the Connecticut Division of Client Safety (DCP).

“We have now had no reported points at any of our retailers, and we’re pleased with the profitable launch of the regulated adult-use market,” Michelle H. Seagull, commissioner of the DCP, mentioned.

In statements, a couple of hashish operators celebrated the opening of the Connecticut market.

“We anticipate Connecticut will probably be a booming adult-use market,” Peter Caldini, CEO of Acreage Holdings (CSE:ACRG.A.U,OTCQX:ACRHF), mentioned.

For his half, Matt Darin, CEO of Curaleaf (CSE:CURA,OTCQX:CURLF), counseled the governor of Connecticut, Ned Lamont, for his management in getting the state’s hashish insurance policies to the place they’re now.

A forecast from hashish knowledge researcher Headset signifies that the state’s adult-use market is about to supply US$215 million in income throughout its first yr of operation.

Hashish firm information

• Delta 9 Hashish (TSX:DN,OTCQX:DLTNF)will try to avoid wasting between C$3 million and C$4 million. In response to the agency, 40 workers at its Winnipeg facility will face “a brief layoff” as output within the facility will drop 40 p.c. “This was a really tough choice, however it’s a key part of executing on our strategic plan and one we consider finest positions Delta 9 for worthwhile development,” CEO John Arbuthnot mentioned.

• Jushi Holdings (CSE:JUSH,OTCQX:JUSHF)confirmed important administration turnover with the appointment of Michelle Mosier as CFO, in addition to the resignation of Leonardo Garcia-Berg as chief operations officer.

• Akerna (NASDAQ:KERN)offered its Hashish 365 software program platform to 365 Holdco for about US$2.8 million.

• Cannara Biotech (TSXV:LOVE,OTCQB:LOVFF)proposed the consolidation of all its issued and excellent frequent shares. The proposal will probably be as much as approval from traders, who’re set to satisfy on January 25.