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Oct 18, 2018

Tilray CEO expects 3 more countries to legalize pot in next year

Tilray CEO says company's high cannabis costs are 'decreasing rapidly'

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Canada may have had a historic day on Wednesday becoming the first Group of Seven nation to legalize marijuana, but the chief executive of Tilray Inc. is already looking ahead with the expectation that three more countries will soon follow.

“It [was] an historic day for Canada and obviously the eyes of the world are on Canada,” Brendan Kennedy said in an interview with BNN Bloomberg’s Greg Bonnell Wednesday.

“I think we’ll see additional countries – countries three, four and five – legalize cannabis for adult use ... Regulators around the world are looking at how Canada is doing this today and I expect to see additional countries pass laws in the next 12 months.”

Nanaimo, B.C.-based Tilray currently exports its products to 11 of the 35 countries that have legalized medical cannabis, Kennedy said. He added that he sees as many as 60 countries permitting the drug for medical use in the next two years.

“We’re very early on in the global growth curve,” Kennedy said.

Shares in Tilray fell more than six per cent Wednesday on the first day of legalization. The stock has gained about 800 per cent since its July public offering on the Nasdaq, but has been subject to wild price swings.

Kennedy added he has not sold a single share, and doesn’t plan to, either.

“I have a long-term view of the opportunity,” he said.

“We expect to be in this industry for a very long time and expect to grow a very large company that not only is successful in gaining significant market share in Canada, but will gain significant market share in other medical cannabis countries and other adult use countries around the world.”

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Cannabis Canada is BNN Bloomberg’s in-depth series exploring the stunning formation of the entirely new – and controversial – Canadian recreational marijuana industry. Read more from the special series here and subscribe to our Cannabis Canada newsletter to have the latest marijuana news delivered directly to your inbox every day.