Tilray, a Canadian marijuana company, reported a 43 percent increase in first-quarter revenue on Thursday, owing to increasing demand for cannabis following coronavirus-related restrictions.

Revenue increased to $168 million in the quarter ended Aug. 31 from $117.49 million a year earlier, according to the world's largest cannabis producer by sales. Cannabis revenue increased by 38% on a net basis.Tilray & Aphria Announce Closing of Transaction That Creates the “New” Tilray – a Global Cannabis Leader | Business Wire

This year, cannabis products saw a tremendous increase in popularity as more individuals resorted to it for relaxation amid the months-long isolation imposed by COVID-19, which boosted sales for marijuana producers .

The company claimed it expected to save at least $80 million as a result of the merger with Aphria.

Tilray, which announced the acquisition in December, said it has saved $55 million on a run-rate basis thus far, with actual cash savings of around $20 million.

Tilray's net loss increased from $21.74 million to $34.6 million in the first quarter, as total expenses more than doubled.