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Red and black: A roundup of cannabis financial news

Published on August 8, 2025 by Pat Bulmer

Photo: Adobe Stock/the oz.

Cannabis financial news: Tilray using AI across operations; Weed side strong for SNDL; True turning point for Greenway

Tilray loses $2 billion, but it’s no big deal

A cannabis company that lost $2 billion last year is going to use artificial intelligence to help it grow better cannabis.

In its annual financial statement, Tilray, a Canadian-American cannabis and liquor giant declared a net loss of $2.181 billion compared to a net loss of $222.4 million in the previous year.

Tilray said it wrote off $2 billion connected to 2021 acquisitions “at which time stock prices and market values for cannabis companies reflected expectations for U.S. cannabis legalization.”

AI will make the future brighter, the company said.

“We are implementing AI across our global operations … In the cultivation sector, we are utilizing advanced horticulture automation technology throughout our global greenhouse operations. By integrating this technology with AI-driven data insights, we can manage greenhouse conditions in real-time, leading to more efficient operations, increased output, superior quality and reduced costs for resources such as labour, water, and energy.”

Tilray is cannabis focused in Canada and more liquor and drinks focused in the U.S.

In 2025, the company redirected some of its Canadian cannabis inventory to foreign markets, where profits are higher, the report said.

Cannabis net revenue was $249 million, down from $272.8 million the year before. That was “due to unexpected international medical cannabis permit delays, and strategic decisions to preserve margin in Canadian cannabis. For example, we deemphasized production and sales of vapes, which negatively impacted revenue by $15 million,” the company said.

“Looking ahead to 2026, we intend to … continue to increase our cultivation footprint to support the growing demand in both the Canadian and international markets,” the statement said.

Gross profit in the cannabis sector increased 10% to $99 million.

Other financial highlights:

— Overall, net revenue increased 4% to $821.3 million

— Gross profit increased 8% to $240.6 million.

— Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $55.million compared to $60.5 million in the prior fiscal year.

— The company has lots of money on hand — $221.7 million in cash and $34.7 million in marketable securities.

Cannabis side strong for Alberta company

The cannabis business was especially strong for a company that retails both pot and booze.

“We experienced growth across all operating segments during the quarter, led by a cannabis business that expanded at almost three times the rate of the Canadian recreational market, and a liquor retail segment that is successfully adapting to shifting consumer preferences,” Alberta-based SNDL said as it released financial results for the quarter ending June 30.

The company set a new record for cannabis retail net revenue with an 8.2% year-over-year increase in same-store sales.

Growth was driven by edibles as well as by accelerating international sales, the company said.

Total net revenue for the company was $244.8 million, up 7.3% compared to the same period a year ago. The increase was primarily driven by growth of 17.4% in the cannabis production and retail segments, the company said.

Gross profit for the quarter reached $67.6 million, representing a 16.2% increase over a year earlier.

SNDL is one of Canada’s largest private-sector cannabis retailers with 184 Value Buds and Spiritleaf locations. It operates 165 liquor stores, primarily in Alberta under the  Wine and Beyond, Liquor Depot, and Ace Liquor banners.

The company has no debt.

Greenway not burning money any more

Instead of throwing money away, Greenway Greenhouse Cannabis is now making it.

“This past year marks a true turning point for Greenway … we transitioned from burning cash to generating it, with over $1.8 million in net cash provided by operating activities,” said CEO Jamie D’Alimonte as the Kingsville, Ont., company released its year-end financial statement.

“Our 71% increase in annual revenue and over 100% revenue growth in the fourth quarter underscore the growing demand for our high-quality cannabis. We’re especially proud to see average selling prices rise 40% year over year—reflecting both the strength of the Greenway brand and the premium nature of our flower,” he said.

“This kind of momentum: positive EBITDA, stronger margins, and disciplined cost control sets the foundation for our next phase of growth,” he said.

The statement showed:

— Annual net revenue of $8.9 million, an increase of 71% over to the prior year. Fourth quarter net revenue was $3 million, an increase of 107% from the same quarter a year ago.

— Total grams or grams equivalent sold during the fiscal year were 6.8 million, a 23% increase.

— Annual average sales price was $1.32 per gram, up 40% from the prior year with a fourth-quarter average sales price of $1.46 per gram.

— Adjusted EBITDA of $1.2 million, compared to a negative adjusted EBITDA of $624,391 in the prior year.

— The company had working capital of $4 million as of March 31 (up $700,000 in a year).

— Net cash provided by operating activities was $1.8 million, compared to net cash used of over $2 million in the prior year.