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Canadian hemp producer Tilray Inc. announced on Tuesday a 86% increase in third-quarter earnings but higher than expected after-market-weighted equity losses.
In the three months ended September 30, revenues increased to $ 10 million ($ 13.24 million), a statement by Nanaimo, a British Columbia company.
But the company's net loss increased to US $ 18.7 million, or a 20-cent share of US $ 1.8 million, or 2 cents, in the prior year. Analysts had expected a loss of $ 12.7 million.
Tilray's biggest spending was $ 11.2 million in stock compensation, according to its statement.
Canadian top-rated cannabis producers, listed on the Nasdaq list in July, initially increased by hourly trading, but recently dropped by 4.1 percent to $ 106.05.
The secondary share price has fallen by 1.7% below $ 111.55 compared to the initial public offering price of $ 17.
Tilray and other Canadian cannabis companies have improved home production and expanded the overseas territory to become Canada's most entertaining uses for legalization and medical approvals worldwide.
The reporting period before commencement of the lawful sale of cannabis in Canada started on October 17th.
Tilray has entered into contracts with eight Canadian provinces to supply them with cannabis markets. It also sells medical marijuana products individually, with partners or through export transactions, in countries including Australia, Germany, Portugal, Argentina, Chile, South Africa and the United Kingdom.
Tilray said the total kilogram equivalent of cannabis sold doubled in the quarter to 1613 kilograms. The average selling price per gram declined to $ 6.21 compared to $ 7.53 a year earlier, with larger wholesale sales dropping.
The gross profit a year ago dropped to 31 percent from 55 percent, the company said.
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