Tilray Brands, a leading cannabis producer, has reported a significant increase in revenue for its fiscal first quarter. The company saw a 15% jump in net revenue, totaling $177 million, compared to the same period last year. This growth can be attributed to a 20% increase in net revenue specifically from its cannabis division, reaching $70 million.

In addition to the surge in revenue, Tilray also managed to reduce its net loss during the quarter. The company reported a net loss of $55.9 million, compared to a loss of $65.8 million in the previous year. This improvement is a positive sign for the multinational cannabis company, which is based in Canada.

Tilray has been actively expanding its portfolio beyond the cannabis industry, focusing on other sectors to mitigate the uncertainty surrounding marijuana’s legal status globally. One particular area of interest for the company is the U.S. craft beer industry. By branching out into different markets, Tilray aims to diversify its revenue streams and mitigate risks associated with changing regulations.

Despite the challenges in the industry, Tilray has experienced a 16.5% growth in cannabis revenue in Canada. It currently holds a leading market share position of 13.4% in the country, making it one of the top players in the market. This success can be attributed to Canada’s federal legalization of recreational cannabis, one of the few major markets to do so.

Tilray’s strong financial performance and strategic diversification efforts position the company well for future growth. As the cannabis industry continues to evolve, Tilray remains committed to expanding its presence and staying ahead of the competition.