June 10, 2019 / 6:32 PM / 16 days ago

Tilray CFO says co will not be profitable for at least a year: Bloomberg

(Reuters) - Cannabis producer Tilray Inc will not make profit for at least another year, Bloomberg reported on Monday, quoting the company’s chief financial officer.

British Columbia-based Tilray has been spending on the U.S. cannabidiol (CBD) market and other opportunities, after the country legalized hemp and hemp-derived CBD products in December last year, the Bloomberg report said. CBD is a non-psychoactive cannabis ingredient touted for its health benefits.

“If the world had stopped last fall, we had good visibility to having positive EBITDA at the end of this year, call it Q4 of this year,” CFO Mark Castaneda told Bloomberg in a telephone interview.

“This industry changes so fast, and opportunities present themselves so fast,” Castaneda pointed out, noting that positive EBITDA is at least another year away at this point.

Tilray would also consider issuing a senior syndicated loan or bond at some point within the next one to two years, although it has no immediate plans to do so, Castaneda said.

Tilray was not immediately available for comment.

Reporting by Shradha Singh in Bengaluru; Editing by James Emmanuel

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