07:44 AM EDT, 10/10/2024 (MT Newswires) -- Tilray Brands ( TLRY ) on Thursday said its first-quarter adjusted net loss narrowed as net revenue rose 13% to a record US$200 million.

The cannabis products company said that the first quarter net loss, adjusted for one-time items, improved to US$6 million, or US$0.01 per share, from US$27 million, or US$0.04 per share.

"We believe that there is a greater likelihood that the upcoming U.S. presidential elections will result in improved regulatory changes in the cannabis industry, as both candidates have publicly confirmed their support for further legalization," said Tilray chairman and CEO Irwin Simon.

Tilray is up US$0.01 to US$1.64 in U.S. premarket trading.