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Howard Dean, Michael Steele Among Tilray's New 10-Person Advisory Board

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Howard Dean, Michael Steele Among Tilray's New 10-Person Advisory Board

Canadian cannabis producer Tilray Inc. (NASDAQ: TLRY) announced the formation of its International Advisory Board, which will provide guidance to the company's executive team and board of directors.

The 10-person board includes a former chairman of the Democratic National Committee and a former head of the Republican National Committee.

What Happened

Tilray's new advisory board includes business and government leaders to help the company pursue its international growth ambitions. The inaugural board includes Howard Dean, a former Democratic National Committee (between 2005 and 2009), who was also a presidential candidate and a six-term Governor of Vermont; and Michael Steele, a former chair of the Republican National Committee (between 2009 and 2011) and the former Lieutenant Governor of Maryland.

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Other members of the board include Lloyd Axworthy, former Canadian Minister of Foreign Affairs and Minister of Employment and Immigration; Joschka Fischer, former Foreign Minister and Vice Chancellor of Germany; and former New Zealand Minister of Foreign Affairs Donald McKinnon.

The list also includes Maria Lorena Gutierrez Botero, former Minister of Commerce, Industry and Tourism of Colombia; James O'Brien, former Special Presidential Envoy for two U.S. administrations; and Lorna Marsden, former Canadian Senator from Ontario.

Why It's Important

The advisory board consists of people that held high offices in countries where cannabis either is legal to some degree or the government has started to take steps towards legalization. Therefore, Tilray could pursue opportunities to export cannabis in those countries.

Tilray's expansion strategy is important as its peers in the industry, such as Aurora Cannabis Inc. (NYSE: ACB) and Canopy Growth Corp (NYSE: CGC) are doing the same. The size of the Canadian market is relatively small, despite the full legalization, which is why producers must pursue international growth opportunities.

The news didn't do much for Tilray investors. The stock was down more than 15 percent to $71.68 per share at time of publication Thursday afternoon.

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Photo credit: Edward Kimmel, Flickr

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