Shares in Tilray Brands tumbled today (9 April) after the beer-to-cannabis group cut forecasts on profit and cash-flow metrics.

The Redhook brand owner saw its third-quarter beverage-alcohol sales beat analyst forecasts but overall sales missed the consensus predictions on Wall Street.

Of Tilray’s four divisions, the company’s distribution business –which resells pharmaceutical products – was the only one to see revenues fall. The company pointed to “changes in the regulations pertaining to rebates, IT infrastructure outages and weather”.

Tilray revised its guidance for group adjusted EBITDA and adjusted free cash flow.

The group now sees its adjusted EBITDA reaching $60-63m in the year to the end of May. Tilray’s previous forecast was $68-78m. In the company’s last financial year, it generated an adjusted EBITDA of $61m, up 28% on the year previous.

Tilray also said today it no longer expects to generate positive adjusted free cash flow for the full fiscal year “due to delayed timing for collecting cash on various asset sales”.

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In the third quarter to 29 February, group net revenue increased 30% to $188.3m.

Sales from Tilray’s beverage-alcohol business more than doubled to $54.7m thanks to its acquisition of a clutch of assets from Anheuser-Busch InBev last year. The company said its “existing brands stayed consistent”.

Gross margin from beverage alcohol was 34%, compared to 48% a year earlier. Tilray said the brands it acquired from AB InBev have lower margins than its “historical business, primarily due to the current underutilisation of the breweries we acquired”.

Revenue from Tilray’s cannabis business increased 33% to $63.4m.

Group adjusted EBITDA was $10.2m, compared to $13.3m in the third quarter of the previous financial year.

Tilray reported a net loss of $105m in the third quarter. A year earlier, it posted a third-quarter net loss of $1.2bn when the company booked an impairment charge.

“Given the meaningful rally in share price over the last few weeks, we expect the misses throughout the P&L and the guidance cut to weigh on the stock today,” analysts at AllianceBernstein wrote in a note to clients.

Shares in Tilray were down 19.88% on the day at $2.08 at 12:20 GMT.