Benzinga - by Maureen Meehan, Benzinga Editor.
Irwin Simon, chairman and CEO of Tilray, Inc. (NASDAQ: TLRY) was asked Wednesday whether conversations with stockholders are at times frustrating when the company's stock price isn't always performing to everyone's satisfaction.
Tilray's first-quarter financial results Wednesday showed a net revenue increase of 15% to $177 million on a year-over-year basis.
But, still, it's a bit frustrating, Simon told CNBC.
"Listen, it is frustrating when you look at your stock price. But on the other hand, when I come back and look at what we’ve done, what we are today, what we have in brands as well as what we’re doing to change the world in regards to our medical cannabis for epilepsy, for cancer patients, for pain, for sleep,” he’s satisfied, Simon said.
And Now There’s Craft Beer
In addition to having 13.4% share of the cannabis market in Canada, which he called "the only legal market in the world," Simon said Tilray is now the fifth-largest craft brewer in the U.S.
Simon was referring to Tilray's August acquisition of eight beer and beverage brands from Anheuser-Busch (NYSE: BUD).
Legalization In The US?
"We’re waiting for legalization to happen in the U.S. If it happens, it will be great,” Simon told CNBC. “If it doesn’t … with our beer and bourbon and our nutritional food business, we’re absolutely well-positioned. You know, my past. I love the food business."
What’s Next?
"In Canada, our focus is how we grow share and continuously evolve there," Simon said.
"Canada is a $5-billion market at retail today. It will go to a $10-billion market. I’d like to get a 20% share,” he said.
“In regards to the beer category, I think there’s so much excitement to be had within craft beer. It’s how to make it cooler again, how to bring more and more consumers into the beer business, how to get more and more distribution, and a bourbon business. So, I like both those businesses."
Simon called Tilray's medical marijuana businesses in Europe part of a “big world” where medical cannabis is becoming more and more relevant.
Cannabis Banking Reform?
Regarding last Wednesday's Senate Banking Committee approval of cannabis banking reforms, Simon sounded optimistic.
"If tomorrow, rescheduling happens, it doesn’t necessarily affect us but gets a lot of the noise out of the way of cannabis. We're scheduled the same way as heroin, which is wrong for cannabis," he said.
"I wish Washington would listen to a lot of things. But in regards to cannabis opportunities, they should be listening a lot more.”
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