Continuing our discussion
In the earlier part of this series, we looked at how Canopy Growth (WEED) is testing hemp-based CBD products to lower anxiety in dogs. While talking about the different uses of hemp-based CBD in its Q2 2019 earnings call, Canopy Growth said that it could develop anti-inflammatory products such as sports drinks for the US market.
Canopy Growth is preparing for the US market, but Tilray (TLRY) is not far behind. The company recently announced its international board, which includes several US political veterans. In its Global Consumer Conference held on November 14, Tilray stated that legalization of industrial hemp (HMMJ) in the US could open opportunities for the company to invest in the US. The above chart shows that Tilray’s sales are expected to reach $305 million in 2020 from just about $40 million in 2018.
Tilray’s bold predictions
In the November 14 conference, Tilray stated that after the next US presidential election, regardless of the which party wins, the country could move towards cannabis legalization. The company went on to make a bold prediction that cannabis would be legal in the US by November 2021. The company plans to capture the US market by way of acquisitions and its internally developed operations. Unlike Canopy Growth (WEED), Tilray didn’t discuss its strategy in the US in much detail.
We’ll keep a close eye on developments on that front. So be sure to check back with Market Realist’s Healthcare page.