Tilray CEO explains why the stock is beaten down and what’s next

Tilray Inc (NASDAQ: TLRY) will be cash flow positive in its upcoming fiscal year to start in June, says CEO Irwin Simon. He’s also convinced that Europe will legalize cannabis in the “next year or so”.

Highlights from Simon’s interview on CNBC

TLRY is down more than 55% from its high in mid-November 2021, which Simon attributes to a lack of “institutional” interest in the stock. Speaking with CNBC’s Frank Holland on “Squawk on the Street”, he said:

Institutions are not owning cannabis stocks right now. We have over 400 million shares outstanding. Majority of our shareholders today are retail shareholders that are in and out. So, I think the SAFE Banking Act passing is important.

He, however, sees big success for Tilray in the future as the world continues to legalize the medical and recreational use of cannabis.

Tilray wants to massively grow its U.S. revenue

Earlier in April, Tilray reported just over $150 million in revenue for its fiscal third quarter – a number that CEO Simon expects to eventually grow by 10 folds. He added:

We have a plan in place and ultimately, we see legalisation happening within the U.S. We’ll look to either buy, merge, or something and have billion and a half dollars of sales within the United States.

The cannabis-lifestyle and consumer packaged goods company already owns Breckenridge Distillery and SweetWater Brewing Company in the U.S. Tilray also announced a strategic partnership with Hexo Corp last month.

The post Tilray CEO explains why the stock is beaten down and what’s next appeared first on Invezz.

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