Alliance One International Inc. reported a smaller quarterly loss on Thursday as its strategy to expand into hemp, e-liquids and legal cannabis begins to take shape.

The Morrisville-based company reported a net loss of $759,000, or 8 cents per share, compared to a net loss of $32.5 million, or $3.63 per share, in the first quarter of fiscal year 2018.

Revenues rose 5.1 percent to $291 million due to a better performance in South American tobacco crops.

“We are building positive momentum in our leaf business and making continued progress on our ‘One Tomorrow’ transformation initiative announced earlier this year,” said Chief Executive Officer Peter Sikkel in a statement.

Alliance One shares were up $1, or 6.1 percent, to $17.35 in Thursday afternoon trading.

Alliance One International, which provides tobacco to cigarette manufacturers, disclosed plans in February to expand its business into e-liquids, industrial hemp and cannabis.

The company believes these new products generally have higher margin potential than their core business and will play well to the company’s strengths.

Alliance One said Thursday that it plans to begin processing hemp at its Criticality LLC facility in North Carolina sometime this fall. An e-liquid subsidiary introduced an additional product line in July.

Recreational cannabis becomes legal in Canada on Oct. 17. Alliance One’s Canadian subsidiaries are gearing up to meet the expected consumer demand, and construction work on an additional 310,000 square feet of greenhouse and warehouse space has begun.

As part of the changing strategy, the company plans to change its name to Pyxus International Inc.