Marijuana company Tilray’s CEO Irwin Simon expects federal marijuana legalization in the U.S. to happen within the next two years. After the recent legislative push to end the federal prohibition of marijuana, Simon told Yahoo Finance that, “I see over the next 18-to-24 months that cannabis in some format will have legalization.” He later added, “Trust me: When legalization does happen, we will be ready… to be a part of it.”
The Canadian cannabis company, known for its wide array of consumer brands in edible bags, currently has a 14% market share in the medical and adult recreational use cannabis market in Canada, intending to reach 30%. Simon noted, “While we don’t do anything in cannabis today in the U.S. due to the federal prohibition, Tilray is preparing for the future ability to further enter the American market.” He goes on to say, “As we look at what companies are out there, do we look at having options on them to buy at once the legalization happens? Do we have some type of relationship with them? The answer is Yes, and that will give us the opportunity to be a player in the U.S. once legalization does happen.”
Tilray, which absorbed cannabis company Aphria earlier this year, is also looking to issuing additional shares to prepare for acquisition opportunities. With Simon’s optimism on the federal legalization of marijuana, he seems to have all of his ducks in a row in preparation ready for the next business move.