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Tilray’s Q1 net loss widens amid layoffs and restructuring

Tilray Inc. says its net loss widened in its first quarter as it laid off 10 per cent of its workforce and restructured the company.

The Nanaimo, B.C.-based cannabis firm, which reports its earnings in U.S. dollars, says its net loss for the period ended March 31 amounted to $184.1 million or $1.73 per share.

That compared with a loss of $29.4 million or $0.31 per share in the same quarter last year, but was a 16-per-cent improvement from the $219.1 million or $2.14 per share loss in the fourth quarter.

Tilray says the increase in net loss from a year ago was caused by severance costs from the layoffs, changes in the fair value of warrant liabilities connected to the company’s offering of common stock and warrants, and increased operating expenses related to growth initiatives.

Tilray’s revenue increased by 126.2 per cent from the first quarter of last year to reach $52.1 million.

The average cannabis net selling price per gram decreased to $5.28 compared to $5.60 in the first quarter of 2019.