(Adds details on results, background, shares)
May 14 (Reuters) - Cannabis producer Tilray Inc reported a better-than-expected quarterly revenue, boosted by legalization of recreational cannabis in Canada, acquisition of hemp-based food producer Manitoba Harvest and expansion in international medical markets.
Tilray said total kilogram equivalents of cannabis sold in the quarter rose more than twofold to 3,012 kilograms. The average selling price per gram, however, fell to $5.60 from $5.94 a year earlier.
The company also posted revenue of $5.6 million from food products in the quarter. It has raised its exposure to hemp, a type of cannabis plant with little to no concentration of THC, by buying Manitoba Harvest for up to C$419 million in February.
Tilray, which makes most of its money from its Canadian operations, has been pushing into other medical cannabis markets such as Australia, Europe and South America. Revenue from international medical business rose more than fourfold to $1.8 million, it said.
The Nanaimo, British Columbia-based company's revenue nearly tripled to $23 million, beating analysts' estimates of $20.2 million.
Net loss widened to $30.3 million, or 32 cents per share, in the quarter ended March 31, from $5.2 million, or 7 cents per share, the year earlier, as the company ramped up investments and took non-recurring charges related to the Manitoba deal.
Excluding items, net loss was 27 cents per share.
Shares of the company were up about 6% at $51.50 in extended trading. (Reporting by Nishara Karuvalli Pathikkal; Editing by Shinjini Ganguli)