Tilray CEO: we’ll do fine even without the U.S. legalisation

October 04, 2023 01:11 PM PDT | By Invezz

Tilray CEO: we’ll do fine even without the U.S. legalisation — Image source: Invezz

Tilray has diversified its growth opportunities

A federal approval will sure serve as a strong catalyst for Tilray.

But even without it, the Nasdaq-listed firm will continue to surprise to the upside as it can now tap on a diversified set of growth opportunities that go well beyond marijuana, added Simon in a CNBC interview today.

On Wednesday, the Canadian company reported record revenue for its first financial quarter – and even though it lost more money than expected, the Chief Executive shrugged it off as most of it was “non cash”.

In Q1, Tilray Inc continued to expand its share in Canada which is so far the only market that has fully legalised both recreational or medicinal use of pot.

Tilray Inc is expanding in food and beer

Tilray has been on a buying spree to expand its footprint in nutritional foods, beer and bourbon. It is now the 5^th largest craft brewer.

CEO Irwin Simon is convinced that those categories will help offset the weakness related to U.S. legalisation particularly as he remains on the lookout for more opportunities in that space.

Addressing the weakness in stock that’s lost roughly 35% in less than a month, he said this morning on “Squawk on the Street”:

We’re building a company. When I got here, we were a $50 million business. We’re on a run rate to be a billion-dollar business now. We got a great strategy, great brands and one day investors will realise that.

The post Tilray CEO: we’ll do fine even without the U.S. legalisation appeared first on Invezz.

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