Tilray is as much a beer company as it is a weed company

Revenue growth for one of the largest publicly traded cannabis companies has shifted from one vice to another.

1/10/25 8:23AM

Tilray, the third-largest cannabis seller by market cap, now actually sees more growth in selling booze than weed.

The Canadian firm has been slowly building its portfolio of craft-beer brands, closing a deal with Molson Coors in 2024 and with Anheuser-Busch in 2023. In its most recent quarterly figures, released Friday, Tilray reported selling $63 million in beer compared to $65.8 million in cannabis.

It also reported a larger net loss than analysts expected, bleeding $83.5 million compared to $46.2 million in the same period last year.

Tilray — like all cannabis companies listed on the NYSE or Nasdaq — does not sell weed in the United States, where it is still federally illegal. It sells cannabis in Canada, a regulated albeit much smaller market. One vice Tilray can sell in the US without losing its listing is beer. This switch for Tilray comes as consumers are smoking more weed and drinking less.

Other Canadian cannabis companies have also tried to gain exposure to the US market without risking their listing, often through credit or equity deals with US-based companies, said Frederico Gomes, an analyst at ATB Capital Markets.

“Canadian companies have tried to get some sort of exposure to the US cannabis market, and Tilray is the only one that actually did that through an actual operating business,” he said.

Tilray, which has only about 10% institutional ownership, was down more than 5% in premarket trading.

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JetBlue is raising its bag fees as fuel costs squeeze airlines

JetBlue will reportedly hike its bag fees, as the cost of jet fuel continues to climb amid the war in Iran. It’s the latest example of carriers finding ways to push rising costs onto travelers.

Last week, United Airlines CEO Scott Kirby said that if fuel prices remain elevated, fares would need to rise another 20% for his airline to break even this year.

As CNBC reported, when one airline raises fees, others tend to follow.

Earlier this month, JetBlue hiked its first-quarter outlook for operating revenue per seat mile to between 5% and 7%, saying that strong Q1 demand helped “partially offset additional expenses realized from operational disruptions and rising fuel costs.” Now, the carrier appears to be making moves to further boost revenue to offset those costs.

Earlier on Monday, JetBlue rival Alaska Air lowered its Q1 profit forecast. The refining margins for the carrier’s cheapest fuel option — sourced from Singapore and representing about 20% of Alaska’s overall supply — have spiked 400% since February.

JetBlue did not immediately respond to a request for comment.