Tilray Inc. (TLRY.O) won’t generate positive earnings for at least another year as it spends on the U.S. CBD market and other opportunities, according to the pot firm’s chief financial officer.

The Nanaimo, British Columbia-based cannabis company had originally expected to reach positive earnings before interest, taxes, depreciation and amortization by the end of 2019 but no longer expects to get there until 2020 at least.

“If the world had stopped last fall, we had good visibility to having positive Ebidta at the end of this year, call it Q4 of this year,” CFO Mark Castaneda said in a phone interview.

However, the U.S. then legalized hemp and hemp-derived CBD in December, opening a pathway into the enormous market south of the border. Tilray acquired hemp-food manufacturer Manitoba Harvest and partnered with Authentic Brands Group LLC earlier this year, and expects both to begin selling non-intoxicating cannabidiol products in the U.S in the back half of 2019.

“This industry changes so fast, and opportunities present themselves so fast,” Castaneda said. “Positive Ebitda is at least another year away at this point.”

Castaneda said Tilray would also consider issuing a senior syndicated loan or bond at some point within the next 12 to 24 months, although it has no immediate plans to do so. The company sold $450 million of convertible senior notes in October but has not yet done a widely marketed non-dilutive financing.