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Tilray Brands records fourth-quarter loss amid higher revenue

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LEAMINGTON, Ont. — Tilray Brands Inc. posted a steep loss in its most recent quarter despite higher revenue as it recorded a non-cash impairment. 

The cannabis company posted a net loss of US$457.8 million during its fourth quarter, compared with a net income of US$33.6 million in 2021.

The loss includes a non-cash impairment of US$395 million, which the company says primarily impacted inventory, goodwill and other intangible assets. 

Tilray says its basic and diluted net loss amounted to 90 cents per share, down from earnings per share of 38 cents in the year prior.

Revenue for the three months ended May 31 was US$153.3 million, up eight per cent from US$142.2 million in 2021. 

Tilray chairman and CEO Irwin D. Simon says the company accelerated its growth potential through improved cultivation, brand building and distribution. 

“We are confident that our proactive steps to plan for the evolution of the cannabis business in each of our markets has positioned Tilray Brands to be at the forefront of the industry on a global basis while delivering profitability and driving shareholder value,” he said in a statement Thursday. 

“These actions should also contribute to bottom-line performance improvement through production efficiencies and cost reductions. The outcome of this work is that we have driven top line growth across our markets, significantly improved our operating performance, and strengthened our balance sheet.”

This report by The Canadian Press was first published July 28, 2022.

Companies in this story: (TSX:TLRY)

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Alberta

Alberta commits $20.8 million over the next four years to fight human trafficking

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By Rob Drinkwater in Edmonton

The Alberta government is providing $20.8 million over the next four years to implement recommendations from a star-led task force on human trafficking.

Country singer Paul Brandt, chair of the Alberta Human Trafficking Task Force, personally thanked Premier Jason Kenney during the funding announcement Sunday at Edmonton International Airport for his willingness to prioritize the issue, and for putting faith in Brandt to lead the group.

“Premier Kenney’s longtime personal dedication and commitment to the issue of human trafficking is authentic and is admirable,” Brandt said.

“He’s the only political leader I’ve met in my 17 years of advocating for trafficking victims and survivors who took the time and initiative to personally write a plan to address this horrific crime.”

The money will establish an office to combat trafficking as well as a centre of excellence for research and data collection — recommendations the government accepted when the task force presented its report in March.

Justice Minister Tyler Shandro said the goal is to launch the office by next summer.

Other task force recommendations that will be supported include a new grant for community projects and Indigenous-led and culturally appropriate services. Civilian positions that will focus on supporting victims and survivors throughout human trafficking investigations will also be funded.

“Human trafficking is far more prevalent — way more common — than the stats would suggest because it’s a hidden crime,” Kenney said at the announcement.

“It festers in the dark. There are victims who face fear, shame and self-doubt and some who will never report what they’ve gone through.”

The task force was appointed in May 2020 and engaged with nearly 100 experts and survivors of trafficking to provide guidance on how to best implement the government’s action plan to fight human trafficking.

The government has said human trafficking includes sexual exploitation, forced labour trafficking and trafficking in human organs or tissues.

Kenney, who will be replaced as premier when his United Conservative Party selects a new leader on Thursday, noted he started fighting human trafficking over 20 years ago when he was an MP and joined a group of international parliamentarians on a coalition to fight the practice.

Later as Canada’s immigration minister, he said he took steps to make it easier for human trafficking victims who had migrated to Canada to obtain safety and protection.

In winter 2019, he said he committed the UCP to a nine-point action plan to combat human trafficking, which led to the Protecting Survivors of Human Trafficking Act, which took effect in May 2020.

Brandt said it was exciting to be part of the funding commitment at the airport, where he said he stood in 2019 for a partnership with the facility and other groups in the Edmonton region to fight trafficking, which he called “modern day slavery.”

“It has been our dream that special focus and permanent funding would one day become a reality. Today is that day,” Brandt said.

This report by The Canadian Press was first published Oct. 2, 2022.

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Alberta

Alberta announces combined $187 million in addictions and homelessness funding

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By Rob Drinkwater in Edmonton

The Alberta government has announced more than $124 million over two years for addiction and mental health services in Edmonton and Calgary, with another $63 million aimed at reducing homelessness in the province over the same period.

The funding for Edmonton and Calgary will go toward increasing treatment spaces while expanding addiction services, with $70 million earmarked for capital spending and $54 million to assist operations.

A 75-bed, co-ed long-term treatment facility is planned to be operational in Edmonton by the end of 2023, while a similar facility is to be built in Calgary by early 2024.

The $63 million is to support steps outlined in the government’s action plan on homelessness.

Premier Jason Kenney stressed his government’s recovery-based approach to the addictions issue when he announced the funding Saturday, calling British Columbia’s recent move to decriminalize the possession of small amounts of hard drugs in January “reckless.”

“In the area of addressing addictions, there are many that believe recovery is a false hope. It’s not possible, and instead what we should do is actually to facilitate dangerous addictions rather than to offer an off-ramp to freedom from addiction,” Kenney said during the announcement at Edmonton’s Herb Jamieson Centre.

“The whole point is to give people a fighting chance to escape from the grips of addiction so they have the opportunity to build a new, safe fulfilling life.

“Recovery works. It’s not a new concept or an untested Utopian theory,” he said.

Under the Alberta plan, the number of winter shelter spaces will be expanded in communities like Edmonton, Wetaskiwin and Lethbridge, and in rural communities where there is an urgent and unmet need.

All provincially funded shelters will also provide round-the-clock access seven days a week, while funding will be equalized between community-based organizations in Edmonton and Calgary.

The funding will include $5 million to create up to 450 additional shelter spots in Edmonton, bringing the number of emergency spaces in the city to over 1,000.

The plan also includes $2.5 million in 2022-2023 to test the so-called service hub model in two pilot programs in Calgary and Edmonton. These six-month long programs will connect people directly with support and services such as addictions recovery, housing and emergency financial support, beginning this fall.

Meanwhile, the addictions funding will be used to increase the ability of direct outreach teams through Edmonton police and Alberta Health Services to provide support and overdose prevention services. The same expansion of services will also be carried out in Calgary.

Edmonton police chief Dale McFee lauded the fact that housing options include support for mental health and addictions as he personally thanked Kenney for the new funding.

“This is the biggest single investment that I’ve ever seen over the course of my career in actually addressing the system versus putting more money into silos that are actually generating a lot of the problem,” McFee said at the announcement.

Edmonton Mayor Amarjeet Sohi said the funding would tackle the root causes of homelessness, and also praised the fact the province was delivering on a request to provide enhanced plans when prisoners are discharged from corrections facilities.

In July, the city requested a hub where social workers, firefighters and peace officers could work together to reduce crime and address a spike in violence downtown, in nearby Chinatown and and on the transit system.

“These investments show our collaborative approach is working, and together we are making life better for struggling Edmontonians,” Sohi said at the announcement.

But NDP Critic for Seniors and Housing Lori Sigurdson said in a news release that Kenney’s government has cut funding for housing, noting buildings that could have opened months ago are sitting empty because the government hasn’t provided operational funding.

“The money announced today does not even begin to address the deeper need for permanent supportive housing, social housing and affordable housing in this province,” she said.

According to the province, over 6,400 Albertans were experiencing homelessness— including nearly 4,000 using emergency shelters or on the streets — as of Jan. 31.

Alberta saw more than 1,600 opioid-related deaths in 2021.

This report by The Canadian Press was first published Oct. 1, 2022.

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