So I think that we’ve got some moving parts that if we — if our revenue expectations are not necessarily met, I think that we’ve got some avenues that we would look to go down and try to still make that happen, or if we see the revenues start trending to what we think they should, is that we’ve got an opportunity to maybe make some additional investments in the company elsewhere. And so that’s a trend that we think is really positive and we’re doing everything to ensure that — I think we can to ensure that we continue to significantly grow that International revenue. Many of these measures have already had a positive impact on our P&L, and we expect to continue seeing benefit for the remainder of 2020 and into for future years. We strengthened our balance sheet with the closing of a $60 million debt facility and an $85.3 million net equity offering. Cannabis segment revenues increased 16% to $30.2 million or CAD41.5 million compared to $26 million or CAD34 million for the same period last year. Back to TLRY Overview The upcoming earnings date is derived from an algorithm based on a company's historical reporting dates. I know it seems like it’s kind of your third in terms of rank order for top-line opportunities. That’s helpful. Daily Earnings Calendar > Daily Dividend Calendar > TLRY Smart Score. Latest Release. These two transactions provide us with sufficient capital to focus on our path to profitability. And so we do expect to see continued patient growth there, obviously much higher, 2.4 times the population.
While implementing these changes we also had several significant accomplishments. In particular, we expect to see meaningful growth in International Medical where we already have the proven track record, additional growth in adult use from our existing 2.0 Product and new form factors and from leveraging our Kindred sales force and by expanding the presence of hemp products at existing and new brick-and-mortar and online retail outlets. And when I look at kind of the sales by potency, we’ve seen a pretty significant I guess growth of sales of higher potency for us in the marketplace to the tune of, I mean we’re roughly — in terms of high and mid potency, we’re in the 30% for high potency, 48% for mid potency and probably 12% in the low potency right now. And I think that we see that — there may be some pricing pressure on that as we kind of move into the year. So is there a reason that that market will actually be oversupplied in the next six to 12 months. As we increased sales we are now positioned to realize the benefits of our new cost structure. Okay. Turning to page, from what we had already accomplished to where we stand today; we are harvesting some of our first crops at scale from our facility in Portugal that can be shipped to other countries around the world. The details of the $28.4 million non-cash impairment charges incurred during Q2 includes $25.1 million related to the closing of High Park Gardens. I mean, we’re kind of seeing how fast we get growth out of the International Medical market. So I’m just trying to piece all this together.
We’ve seen the same thing in Canada four years ago. As previously indicated, we expect continued growth in both the adult use and medical sales channels for the remainder of 2020 and a decline in bulk sales as we focus on higher margin opportunities. Excluding impairments and write-downs second quarter operating expenses totaled $42 million and represented a $3.2 million decrease from the prior year second quarter and a reduction of more than $9 million from the first quarter of this year. Next question comes from Tamy Chen with BMO Capital Markets. By leveraging the expertise and relationships we expect our distribution to grow in the adult use markets and the High Park’s diverse portfolio of brands such as CANACA, Chowie Wowie, and Marley Natural. During the first quarter of this year, we had $29.8 million related to impairments. It’s not necessarily going to be driven by Manitoba Harvest. Our plans to right size the business were and are independent of any COVID impacts in the market. So I guess the question is, how do you feel about your positioning in the value and deep value, the segments? Tilray - Second Quarter 2020 Earnings Call. Next question comes from Andrew Carter with Stifel. And specifically on the 2.0 product launches. These actions while difficult and time-consuming, are largely behind us, which will now allow us to focus on future growth. So it seems that you’re trying to manage to not go aggressively there. We do see good growth in the packaged flower although it’s just — I think it’s moderating relative to the 2.0. We also undertook other effort to increase operating efficiencies, which will result in future additional cost saving. So prior to that transition we had about 18 people on that sales on our own internal sales team and Kindred has at least probably two sales staff. It is now my pleasure to introduce your host Raphael Gross.