The Globe and Mail reports in its Friday edition that Tilray Brands on Thursday posted increased revenue in its fiscal fourth quarter but recorded a net loss of $457.8-million after taking large write-offs. The Globe's Irene Galea writes that Tilray's net revenue was $153-million in the quarter ended May 31, an 8-per-cent increase from the same quarter last year, and slightly above what most analysts had predicted (all figures U.S.). The company reported record revenue for the fiscal year of $628-million, up 22 per cent from last year. Tilray posted a bottom line net loss of $457.8-million during its fourth quarter, compared with net income of $33.6-million the previous year. It attributed much of the decline to a one-time write-off of $395-million primarily involving inventory, goodwill and other intangibles. Tilray recently closed a deal to buy $155-million worth of convertible debt in cannabis producer Hexo, giving it the right to acquire up to 48 per cent of the company. About $54-million of the impairment charge came from older cannabis inventory, because it was a lower potency than Tilray's current products, or was acquired in a previous deal. The 2022 net loss compares with a loss of $336-million in 2021.
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