Cannapany on February 24, 2022 No Comments
The cannabis company has been moving in on the beverage market for good reason
Through an exclusive interview at Benzinga’s Cannabis Insider Show, Tilray CEO Irwin D. Simon, discussed in detail strategies, key markets, news and versatile catalysts. The program presented by Patrick Lane covers industry-related topics as seen from the point of view of many leaders in the space. Speaking about beverage and alcohol operations and the growing popularity of tetrahydrocannabinol (THC), Simon said he wants to see “bourbon infused with THC, not alcohol.”
In addition to this, Simon, talked about Tilray’s business strategy, plans for the US and Europe, medical marijuana activities, and more. All of this comes on the heels of the company’s financial results released Monday for its fiscal second quarter ended November 30, 2021. It saw a net income of $155 million, an increase of about 20% year over year.
Aside from the merger with Aphria, Simon wanted to give special emphasis to the company’s purchase of SweetWater Brewing Company and the company’s acquisition of Breckenridge Distillery. In relation to the company’s US strategy, Simon made it clear that Tilray does not yet have the power to touch cannabis in the country as the company is listed on NASDAQ and the Toronto Stock Exchange.
Simon hopes that at some point, the bourbon will not have alcohol as its main compound, but rather THC as the star ingredient. He shared Tilray’s plans to infuse food and beverages with hemp and cannabidiol CBD. This is considered an important part of their long-term strategy in the US. Tilray knows it may be a while before federal cannabis reform is formalized in that country, but wants to be in a good position when it happens.
The executive said, “I am big into strategic partnerships that make sense.” He also stressed the importance of creating shareholder value and offering products to consumers across his various brands. “I am open to personal care products, I’m open to food products, I’m open to drug companies.”
The Tilray CEO concluded the interview by saying that the company will most likely have some mistakes along the way, but will make sure to learn from them and correct them to continue towards a steady development.
Congratulation!