What happened?
Shares of pot grower Tilray (TLRY 6.98%) are up 4.1% to $14.54 apiece as of 10:30 a.m. EDT. On Aug. 4, Tilray's CEO Irwin Simons gave an exclusive interview to cannabis business news outlet New Cannabis Ventures. Simons reiterated the strategy outlined in the company's recent earnings call: greater integration in the Canadian cannabis industry, continued momentum in Europe, and synergizing with the merging U.S. marijuana market.
Image source: Getty Images.
So what
Tilray is on track for some spectacular growth. It has a substantial presence in the U.S. via its craft beer subsidiary SweetWater Brewing and hemp CBD subsidiary Manitoba Harvest. The company sees them growing to $200 million in annual sales in the near future.
What's more, Tilray now holds a substantial market share in the German medical marijuana industry. Its subsidiary CC Pharma distributes pot across over 13,000 pharmacies in the country.
Now what
The company has an ambitious goal of achieving 4 billion Canadian dollars in sales by 2024. That is a substantial gain from its CA$513.1 million in annual revenue today. But even if its expansion efforts fail, Tilray has a lot to fall back on. It holds a 16% market share in the Canadian marijuana sector, essentially tied with other industry leaders like Hexo (HEXO) and Canopy Growth (CGC 15.03%). Consumers are especially fond of Tilray's vapes. From province to province, sectors are increasing by 125% to 220% year over year. For these reasons, it is definitely a solid marijuana stock to watch.
