Revenue came in at $56.6 million, up 20.5% from a year ago and 10% from the prior quarter. That was above estimates for $55.55 million. Tilray lost two cents per share, narrower than the 14-cent per-share loss forecast by Wall Street.
Cannabis sales rose 46% to $41.2 million, helped by international medical sales and Canadian recreational sales. Recreational sales in Canada rose 49%. International medical sales jumped 191%.
Selling prices for Tilray's weed jumped from a year ago, amid a shift to more potent recreational products and the popularity of products like vapes and edibles. However, those prices fell from the third quarter, due to "the accelerated sales growth of cannabis flower products in the Canadian Adult-Use channel."
Hemp sales fell 18%, largely due to "a shift to private label product with a large customer and the impact of COVID-related changes to consumer shopping patterns."
Canada's legal marijuana industry faces competition from the illicit market and a a crowded space of legal operators. Tilray's market share stands at around 4%, according to estimates from Stifel. Aphria had the largest share, at a bit more than 12%.