Tilray (NASDAQ:TLRY) made news today after announcing some significant changes to its leadership team. Two new senior executives are joining the company, Jon Levin as Tilray's new Chief Operating Officer (COO) and Michael Kruteck as its Chief Financial Officer (CFO).
Jon Levin previously was an executive at cosmetics giant Revlon, where he was the General Manager for the U.S. market and was responsible selling consumer products to major retailers across the country. Michael Kruteck has held finance positions with Molson Coors and was previously CFO of Pharmaca Integrative Pharmacy, a private, nationwide pharmacy chain.
Kruteck will replace Tilray's current CFO, Mark Castaneda, who got started with the cannabis company back in early 2018. Instead, Castaneda will be working in a Strategic Business Development role while helping Kruteck while he transitions into his new role. According to the company's website, Tilray did not have a COO prior to Levin's appointment.
A small win for Tilray
The markets reacted favorably news of the executive changes, with shares jumping by 10% as of writing this article. Over the past 12-months, Tilray has steadily lost most of its market value as cannabis stocks, for the most part, declined substantially in 2019. Back in November, Tilray posted mixed Q3 results, with losses continuing to mount and weak sales in some of its key segments, notably its adult-use recreational market.
While Canada's 2.0 legalization opens up new opportunities for cannabis companies, cannabis stocks have a long way to go before they recover to their earlier highs, with Tilray being no exception.