Canadian pot producer Tilray Inc on Thursday reported a 43% rise in first-quarter revenue, driven by strong demand for cannabis after coronavirus-led lockdowns.
Cannabis plants grow inside the Tilray factory hothouse in Cantanhede, Portugal April 24, 2019. REUTERS/Rafael Marchanteon Thursday reported a 43% rise in first-quarter revenue, driven by strong demand for cannabis after coronavirus-led lockdowns.
Cannabis products saw a massive rise in popularity this year as more people turned to it for relaxation during the months-long isolation caused by COVID-19, lifting sales of pot producers. Tilray, which announced the deal in December, added that it had saved about $55 million on a run-rate basis to date from the deal, with actual cash savings close to $20 million.
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