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Tilray CEO says marijuana companies lied about how much pot they could grow

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'That was a mistake. . . . we believed all the hype,' Tilray CEO Brendan Kennedy says.

Tilray Inc. Chief Executive Brendan Kennedy said late Tuesday that the cannabis producer would have sold a lot more weed if growers in Canada hadn’t lied about how much pot they could actually grow.

“Some of them were lying about their funded capacity,” Kennedy said in a telephone interview with MarketWatch, adding that public companies inflated that metric because investors based their valuations on it. “If I can go back 18 months, 12 months ago, I would have invested another $100 million, $200 million in terms of Canadian cultivation,” Kennedy said on a conference call with investors late Tuesday. “That was a — that was a mistake. But we believed, we believed all the hype 18 months ago.”According to several sources in the cannabis industry, funded capacity came into widespread use because of Supreme Cannabis Co. Inc. FIRE, -1.01% SPRWF, -0.68% executives.

“Talking to analysts, investors and bankers — we said we’re going to build out this capacity in terms of the financing,” he explained in a telephone interview in November.

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