Cannapany on November 25, 2021 No Comments
The cannabis company expects to see $1 billion in revenue by the end of FY2024
A fundamental part of the shareholders in a company is the annual shareholders’ meeting. In the case of Tilray , it held this activity last Monday. This was the first to be held since it became the “new” Tilray, the company that today is a leader in cannabis lifestyle and consumer packaged goods with the largest global geographic presence in the industry.
One of the key points discussed was the strong presence the company has achieved in the EU. This market is considered to be very attractive because it is twice the size of the US population. Tilray expects to generate at least $1 billion in revenue by the end of the fiscal year 2024, and it seems that this market is a key tool to achieve this. The company currently has state-of-the-art cultivation facilities in both Germany and Portugal. There, it is responsible for supplying pharmaceutical-grade medical cannabis that is placed on international markets.
“In just six months, we have made concrete and measurable progress integrating our operations while capitalizing on the fast-growing consumer demand for wellness and consumer lifestyle products. Our assets in pursuit of this goal – a portfolio of highly sought-after, high-quality brands, significant operational scale, a broad global distribution footprint, and a commitment to operational excellence – provide clear and differentiated benefits as we plan to build long-term, sustainable shareholder value,” said Irwin D. Simon, Chairman and CEO of Tilray.
A few days ago, leaders of Germany’s incoming government coalition led the country’s recreational market to make substantial progress toward legalization. This is great news for a company like Tilray as it has all the keys in its sights. The company also continues to have a huge share in Canada, being the number one licensed producer in the $3.65 million cannabis market, driven by its portfolio of carefully selected brands in the wellness, medical, and cannabis 2.0 product segments, not to mention its distribution and processing capabilities.
Congratulation!