Tilray CEO Sees Drinks Players, Other Consumer Product Companies Entering Cannabis Post-LegalizationAugust 16, 2022
Tilray CEO Irwin Simon recently expounded on the potential value of the cannabis category in the U.S., which could open up significantly once federal legalization is achieved. Simon believes the U.S. cannabis market represents $100 billion in untapped potential. “The U.S. is a $100 billion opportunity in cannabis,” he told Yahoo Finance. “If you look at cannabis today in the U.S., 93% of Americans want medical cannabis legalized and about 65% want adult use.”
Simon further predicted that following federal legalization companies including “Diageo, Brown-Forman, ABI, even Nestle and Unilever will want to be in the cannabis business.” Tilray recently aligned with Southern Glazer’s Wine & Spirits for distribution of its CBD beverage portfolio, and is itself active in beverage alcohol in addition to cannabis as the owner of SweetWater Brewing and Breckenridge Distillery.—Danny SullivanSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.