Tilray CEO Bullish On Beer And Cannabis Legalization, Moves Closer To $4B 'Aspirational Goal'

Tilray Brands TLRY chairman and CEO Irwin D. Simon says his company is set to capitalize on possible cannabis legalization in the U.S. and anticipates creating beer infused with cannabis if/when it becomes legal.

Simon has long been optimistic about legalization in the U.S. and what it would mean for what he calls his $4 billion aspirational goal. “My aspirations are built on legalization in the United States,” he told Benzinga in 2021.

Things Are Finally Moving In That Direction: Tilray Is Prepared
In early August, Tilray acquired eight beer and beverage brands from Anheuser-Busch BUD, making the company the 5th largest craft beer business in the U.S., up from 9th - not a bad spot to be in.

“I’m buying these brands too because I think there’s a big opportunity in the beer business and my whole strategy is craft beer,” Simon told BNN Bloomberg in a TV interview.

“Upon legalization (in the U.S.) one day, we will infuse these drinks with THC, with CBD, but we’ll have the distribution and we’ll have the brands when and if legalization does happen.”

The recent recommendation from the Dept. of Health and Human Services to ease restrictions on cannabis by reclassifying it as a Schedule III rather than a Schedule I drug represents transformative possibilities in cannabis’ ever-changing marketplace.

Simon, who has been a keynote speaker at past Benzinga Cannabis Capital Conferences, sees the move as a step closer to federal cannabis legalization in the U.S.

“The news last week gives hope that the government will do something. I think that's what’s going to happen, in my opinion. Medical cannabis will be legalized first and they’ll leave it up to each of the states,” he told the outlet, adding that when it happens his company will be in a position to benefit.

“Tilray today is well diversified, well positioned and with legalization happening in the U.S., we are set to capitalize on that in a big way too.”  

The upcoming Benzinga Cannabis Capital Conference in Chicago on September 27-28 will no doubt be buzzing with this groundbreaking news. Such cannabis heavyweights such as Trulieve's TCNNF Kim Rivers, Curaleaf's CURLF Boris Jordan, Canopy Growth's CGC Davis Klein and Cresco Lab's CRLBF Charlie Bachtell will be on hand to discuss. And then, of course, there's Illinois Governor J. B. Pritzker! All information is available on bzcannabis.com

cccbanner-1_copy_this_one_0.jpg

 

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CannabisGovernmentNewsPenny StocksEventsMarketsAnheuser-BuschBeerBenzinga Cannabis Capital ConferenceBloombergCCCHHSIrwin D. Simon
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Cannabis rescheduling seems to be right around the corner

Want to understand what this means for the future of the industry? Hear directly for top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.