Tilray Reports Significant First Quarter Losses
Tilray Brands, a cannabis and alcohol company headquartered in New York and Ontario, has reported a first-quarter loss of $65.8 million. The company’s CEO Irwin Simon reportedly said the company’s revenue was impacted by the wholesale disruption in two of Canada’s largest markets. The quarter also saw unstable currencies, which similarly impacted Tilray’s bottom line. The company’s legal marijuana sales for the quarter totaled $58.6 million – a figure that is 17 percent lower than what was reported during the same period last year. Despite the loss, Tilray’s executives were optimistic that revenue would pick up in the next quarter.
New York’s Adult-Use Industry Still Expected to Launch this Year
According to New York’s Governor Kathy Hochul, the state is still “on track” to launch adult-use sales this year. In an interview with the Advance Media New York editorial board, Gov. Hochul said she expects 20 retail cannabis dispensaries to open before the end of the year. In addition, the governor said approximately 20 dispensaries will open every month therafter. Many have questioned whether it is feasible to see New York’s retail dispensaries open before the end of 2022 because of delays. For one, the state’s complete regulations have not yet been published. In addition, the first 150 retail dispensaries are to be social equity businesses. To date, there have not been any updates regarding the Social Equity Cannabis Investment Fund, which will finance those 150 businesses. New York’s Office of Cannabis Management is currently processing over 900 applications that were received for the 150 available licenses.
Alaska’s Cannabis Industry is a Driving Factor for Agricultural Job Growth
A recent report in “Trends” magazine from Alaska’s Department of Labor and Workforce Development said that the state’s legal cannabis industry is a driving force in the growth of the agricultural sector for Alaska. The report also predicts that the growth will continue over the next decade. During the pandemic, the agriculture industry was the only sector in the state that did not see any job loss. The primary factor for the stability was the marijuana industry. Notably, from 2019 to 2020, when most sectors saw substantial job loss, the state’s cannabis industry added 73 jobs. While this may seem inconsequential, the report’s authors noted that any growth during this period of the Covid-19 pandemic is important. The report also predicts that marijuana cultivation will create the most jobs in the next few years.