Tilray Inc (NASDAQ: TLRY) reported Tuesday
results that were highlighted by a 195-percent jump in
revenue year-over-year â and show the long-term opportunity
within the cannabis space, CEO Brendan Kennedy told
CNBC following the earnings release.
Focus Beyond Canada
Recreational cannabis was legalized in Tilray's
home country of Canada in 2018; the company has a footprint
around the world.
Germany remains an important emerging market, and
the company opened a new facility in Portugal two weeks ago,
the CEO said. The Portugal facility is expected to begin
exporting products to other European Union countries by the end of
2019, he said.
From Prohibition To Legalization
The global cannabis market quickly shifted from a
"state of prohibition to a state of legalization," which creates
opportunities across nearly every sector, Kennedy said.
For example, there are opportunities for Tilray
to address within the medical space; the CBD segment; adult
use; and hemp food, he said.
"We will make investments across all four of
those segments based on where we think we can generate the most
profit," he said. "U.S. CBD is very interesting to us right
now and we will make investments there in the second half of the
Volatility In Shares
As a long-term and large shareholder, Kennedy
said he personally ignores the day-to-day fluctuation in
View more earnings on
Part of the volatility could be attributed to the
cannabis industry being in its early stages, the CEO said, adding
that it almost "emerged overnight."
"You are going to see some daily volatility, but
our objective is to invest for the long-term."
Jefferies Bearish On Tilray: 'The Stock Is
Too Expensive For Its Outlook'
Piper Jaffray: Tilray, GW Pharma Are Early
Leaders In Medical Cannabis
See more from Benzinga
Â© 2019 Benzinga.com. Benzinga does not provide
investment advice. All rights reserved.