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The illicit or "black" cannabis market in Canada is valued at around $5 billion, and Aphria Inc (NYSE:APHA) wants to replace it with its legal brands, interim CEO Irwin Simon told CNBC's Jim Cramer Monday.
Aphria is a consumer packaged goods company at its core and is backed by strong brands that include Solei and Riff, Simon said during Cramer's daily "Mad Money" show.
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This helped the company report a sales beat in its recent fiscal fourth-quarter report along with positive earnings before EBITDA, he said.
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$5B Illicit Market
Aphria has no exposure to the U.S. market, but the company is focused on the $5-billion illegal cannabis market, the CEO said. Focusing on converting consumers from the illegal market to the legal market is a priority to build the company's brands and gain consumer confidence, he said.
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'Right Press Release' Not Enough
Aphria also guided 2020 sales to come in between $650 million and $700 million, higher than estimates of $639 million. This is what helps the company stand out in the cannabis field, where companies have succeeded based "who can get the right press release out," he said.
The true winners are companies like Aphria that are able to show "organic growth and making money and rewarding your shareholders," Simon said.
Whole Foods Exec Joins Board
Aphria named former co-CEO of Whole Foods Market Walter Robb to its board of directors in April in conjunction with its fiscal third-quarter report.
Simon told Cramer there are many similarities between the natural and organic industry and cannabis industry in terms of potential health benefits, edibles, supplements and more.
Aphria shares were down 0.36% at $7.01 at the time of publication Tuesday.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.