Canadian marijuana giant Tilray Brands, Inc. TLRY TLRY on Friday released financial results for the first fiscal quarter ended August 31, 2022, with net sales of $153.2 million, compared to sales of $168.02 million for the same period last year.

“Tilray Brands’ top and bottom line results for the first quarter reflect the company’s successful realignment to maximize revenue and market share gains across all core business segments and geographies,” Irwin D Simon, Tilray’s chairman and chief executive officer, stated. “Most importantly, we are now a global leader in net cannabis revenue, underscored by global leadership in medical cannabis and leadership in adult-use cannabis market share in Canada. These accomplishments validate that amidst market disruptions and macroeconomic challenges, we have leveraged our scale, marketing acumen and CPG expertise to deliver strong – and sustainable – top-line growth.”

First Quarter Highlights

• Net loss was $65.8 million, or 13 cents a share. versus a net loss of $34.6 million, or $0.08, in the first quarter of 2021.

• Adjusted EBITDA of $13.5 million, representing the 14th consecutive quarter of positive Adjusted EBITDA and the second highest in company history. For the corresponding period of 2021, Adjusted EBITDA was a profit of $12.7 million.

• Gross profit was $48.6 million compared to $50.96 million for the same period in 2021.

• Since the closing of the Tilray-Aphria transaction in May 2021, $108 million in annual cash cost savings has been realized, compared to $85 million as of May 31, 2022.

• International cannabis sales were $10.4 million.

• Maintained the #1 position in Canada with an 8.5% cannabis market share, driven by Tilray’s extensive portfolio of adult-use brands.

“We’ve also optimized our performance through ambitious and expanded cost savings across the platform,” added Simon. “By the end of the first quarter, we raised $95 million of our…