Canadian pot producer Tilray Inc reported a bigger quarterly loss on Tuesday, as...
) reported a bigger quarterly loss on Tuesday, as it ramped up investments to boost production in an attempt to grab a larger share of the nascent cannabis market and expand internationally.
FILE PHOTO: Cannabis plants grow inside the Tilray factory hothouse in Cantanhede, Portugal April 24, 2019. REUTERS/Rafael Marchante/File Photo The company’s cost of sales, or the cost related to pot production and its supply, rose more than six-fold to $33.6 million in the second quarter from a year earlier.The results came on the back of increasing demand in the Canadian cannabis sector, which has faced supply constraints.
Canada became the first G7 country to legalize recreational marijuana in October but sales have been dampened by supply constraints and prices that are higher than those on the black market.
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