Shares of Tilray Brands Inc. on Monday fell 4.4% to $2.62 in after-hours trading after the pharmaceutical cannabis-lifestyle and consumer packaged goods company reported a swing to a significant loss in its latest quarter.
The company reported a third-quarter loss for the three months ended Feb. 28 of $1.20 billion, or $1.90 a share, compared with a profit of $52.5 million, or 9 cents a share, for the same period a year earlier. Analysts polled by FactSet had forecast losses per share of 5 cents.
Revenue fell 4.1% to $145.6 million, missing analysts expectations of $150.0 million, according to FactSet.
The company’s quarterly earnings come as the company said it would acquire cannabis products maker Hexo Corp.
The deal values Hexo at nearly half of its current market capitalization of $100 million.
“The acquisition… positions Tilray for continued strong growth and market leadership in Canada, the largest federally legal cannabis market in the world,” the company said.