Shares of pot grower Tilray (NASDAQ:TLRY) 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.
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.
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 (NASDAQ:HEXO) and Canopy Growth (NASDAQ:CGC). 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.