Tilray Inc TLRY recently announced the launch of Symbios, a medical cannabis brand the cannabis company said will provide a broader spectrum of formats and unique cannabinoid ratios at a better price point.
CEO Irwin Simon appeared on Benzinga's YouTube show "Power Hour" for an exclusive interview Wednesday.
Symbios means plant and health, the Tilray CEO told Benzinga. The company wanted to launch a brand that offered high quality medical products at lower prices, he said. Tilray plans to continue to launch brands within its own business where it makes sense to do so.
The cannabis company has an incredible footprint in the Canadian market and is excited about the potential reach it can have in the U.S. upon legalization there, the CEO said.
Simon On Tilray + Aphria: Simon was the chairman and CEO of Aphria leading up to its reverse merger with Tilray, at which point he was selected to lead the combined company, which operates under the name Tilray.
The merger gave the combined company more access to distribution in Europe, a stronger portfolio of brands and a stronger balance sheet, Simon said.
Tilray is now one of the largest cannabis companies in the world on a revenue basis, he said.
Simons's interview begins around the 28:20 mark
Tilray's Market Opportunity: The cannabis industry is a $100-billion industry with tremendous opportunities spanning adult-use, medical cannabis and consumable goods, Simon said.
The cannabis CEO has a consumer packaged goods background and aims to build Tilray into a consumer packaged goods business, he said.
The availability and process of buying CBD- and THC-infused drinks will eventually be similar to that of alcoholic drinks, Simon said.
The company acquired Sweetwater Brewing Company to ensure it will have ample research and development skills, as well as eventual manufacturing and distribution capabilities, the CEO told Benzinga.
TLRY Price Action: Tilray has traded as high as $67 and as low as $4.41 over a 52-week period.
At last check Wednesday, the stock was up 12.39% at $22.72.
Before leaving Simon talked about his personal background and family life. "I wish my kids had my upbringing, and I wish I had my kids' upringing."
Meet the biggest cannabis industry players and make deals that will push the industry forward.
Featuring live company presentations, insider panels, and unmatched access to networking, the Benzinga Cannabis Capital Conference is where cannabis executives and entrepreneurs meet.
Join us September 13-14, 2022 at The Palmer House in Chicago, IL.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.