Tilray posts larger-than-expected loss

Tilray Inc. said Thursday its first quarter net loss widened to $34.6 million or 8 cents a share, from a loss of $21.7 million, or 9 cents a share in the year-ago period. The cannabis company said sales increased to $168 million from $117.5 million. Tilray was expected to report a loss of 6 cents a share on sales of $172.6 million, according to an analyst survey by FactSet. Tilray said it’s on track with at least $80 million cost savings from its merger deal with Aphria. Shares of Tilray rose 2.3% in pre-market trades on Thursday. Tilray shares are up 30.6% this year, compared to a rise of 12.5% for the Nasdaq.

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