May 14, 2019 / 8:29 PM / 9 days ago

Tilray posts bigger quarterly loss due to higher costs

May 14 (Reuters) - Canada’s Tilray Inc reported a bigger quarterly loss on Tuesday, as the cannabis producer ramped up investments, acquired a hemp-based food maker and expanded internationally.

Net loss widened to $30.3 million, or 32 cents per share, in the quarter ended March 31, from $5.2 million, or 7 cents per share, the year earlier.

The Nanaimo, British Columbia-based company’s revenue nearly tripled to $23 million, boosted by the legalization of recreational cannabis in Canada last year.

Reporting by Nishara Karuvalli Pathikkal; Editing by Shinjini Ganguli

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