Canadian hemp and marijuana producer Tilray cut its annual loss to $271 million for 2020 — an improvement from the Nanaimo, British Columbia company’s $321 million loss in 2019, according to the full-year and fourth-quarter results released Wednesday.

Tilray, which is on the verge of being merged with Canadian peer Aphria, lost only $3 million in its fourth quarter ended Dec. 31, 2020.

Adjusted EBITDA was $2.2 million.

Tilray reports its financials in U.S. dollars.

Overall revenue rose to $56.6 million in the quarter, up from $51.4 million for the July-September period.

Revenue attributed to cannabis was $41.2 million, up from the previous quarter’s $31.4 million.

Hemp revenue, on the other hand, fell 23% quarter-over-quarter to $15.3 million.

Tilray shares trade as TLRY on the Nasdaq exchange, and Aphria shares trade as APHA on the Nasdaq and Toronto Stock Exchange.

Read more about Tilray’s financials at and the merger at Marijuana Business Daily.