Tilray's Record Q2 Revenue Boosted by Craft Beer Boom
Tilray Brands reported a record net revenue of $194 million for the second quarter of fiscal year 2024, marking a 34% increase over the prior year period. The company achieved growth in Canadian cannabis net revenue and international cannabis net revenue, as well as a significant increase in beverage alcohol net revenue. Additionally, Tilray Brands is on track to achieve $30-$35 million in annual savings related to the integration of the HEXO acquisition and has reiterated its financial guidance for fiscal year 2024. The company's strategic growth actions include expanding its beverage portfolio and strengthening its position in the global cannabis market.