Canadian cannabis company Tilray hasn’t reported first quarter 2021 financial results yet, but another earnings report in April had an immediate impact on Tilray stock.
That’s because the report was the last one Aphria will put out, as it has now closed a previously announced transaction that merged the two companies into what is now the new Tilray.
According to the company, Aphria’s disappointing quarter was caused by pandemic effects that affected sales, resulting in a 6% drop in net revenue compared to the prior year period.
Outside of Canada, Tilray has been growing quickly in Europe, while Aphria already has a presence in the U.S.
Separately, it announced it had exported its first medical cannabis shipment to Spain, and had received the first and only market authorization for medical cannabis products in Portugal.
Tilray shares were affected by Aphria’s disappointing quarter, and now the companies are one.