Tilray revenue disappoints as Canada lockdowns dent cannabis demand

July 28 (Reuters) - Cannabis firm Tilray on Wednesday reported quarterly revenue that fell short of analysts' estimates, hurt primarily by COVID-19 lockdowns in its key Canadian market.

The Canadian province of Ontario, the country's most populous, was under lockdown for more than a month since early April when a third wave of the coronavirus threatened to overwhelm hospital capacity.

Tilray and Canadian pot producer Aphria Inc combined last month in a reverse merger to create the world's largest cannabis producer by sales and expand further in the United States.

Chief Executive Officer Irwin Simon said the company had saved about $35 million in costs from the deal and was on track to save $80 million over the next 16 months by doing away with office spaces, redundant senior positions as well as lower shipping costs and better packaging deals.

On Thursday, Tilray stockholders are scheduled to meet and vote for a proposal to issue more shares that can be used for acquisitions, which has received backing from proxy advisory firms Glass Lewis and ISS.

Net revenue rose 25.3% to $142.2 million during the fourth quarter, but fell short of analysts' average estimate of $146.2 million, according to Refinitiv IBES estimates.

The company posted a net income of $33.6 in the three months ended May 31, compared with a net loss of $84.3 million a year earlier. The reported quarter included a one-time adjustment of $19.9 million, resulting from excess inventory quantities due to the Aphria merger.

On an adjusted basis, core earnings rose nearly four-fold to $12.3 million. (Reporting by Arathy S Nair in Bengaluru; Editing by Ramakrishnan M.)