Tilray Inc. finally showed investors that it is capable of selling recreational pot in Canada, but emphasized its pivot to markets in the U.S. and Europe that it will need to justify its swollen market value.
Tilray did end up selling several million dollars worth of recreational cannabis, but Chief Executive Brendan Kennedy called the U.S. and European markets “orders of magnitude larger” than Canada, and has decided to focus his company’s ambitions abroad. Kennedy said over the phone to MarketWatch that roughly 30% of the company’s fourth-quarter sales were from the adult-recreational-use market in Canada. In the first and second quarter, Kennedy said he anticipates that share to increase to 35% to 40% of overall sales — though the first quarter will be the first time its Manitoba Harvest acquisition will appear in the company’s results.
In the conference call, Kennedy said he believes there is demand in Europe for all of the company’s current supply in Portugal, which is currently being filled from Canada. Kennedy also said he believes European countries will grow medical-marijuana-patient communities at a similar pace as Canada did, citing Germany specifically.
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