Breaking News

World’s Most Valuable Pot Company Envisions $100 Billion Future

Stock MarketsSep 19, 2018 04:40AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Bloomberg. Marijuana plants grow at the facility in Rionegro, Colombia. Photographer: Eduardo Leal/Bloomberg

(Bloomberg) -- To hear its chief executive tell it, Tilray Inc (NASDAQ:TLRY), the cannabis company that has seen its valuation double since the beginning of the month, is only getting started in the stock market.

Tilray is interested in the burgeoning market for consumer products that use ingredients from marijuana, CEO Brendan Kennedy said in an interview in New York Tuesday. “We’ve had lots of conversations with lots of companies,” he said, though he declined to provide specific details about any potential partnerships.

His comments come in the wake of high-profile cannabis industry investments by Constellation Brands Inc (NYSE:STZ). in Canopy Growth Corp (NYSE:CGC), the company Tilray just dethroned to become the largest pot stock. Beverage giant Coca-Cola (NYSE:KO) Co. is also studying the potential of drinks infused with CBD -- the non-psychoactive ingredient in marijuana.

But Kennedy said he’s not interested in getting taken over by a large consumer company. It’s perhaps testament to the euphoria surrounding the space that he claimed the company may one day sport a valuation north of $100 billion.

“I don’t want to get bought by AB Inbev (BR:ABI) or Diageo (LON:DGE), I want to be that company,” he added.

Tilray, based in British Columbia, Canada, has seen its shares soar nearly 800 percent since it debuted in public trading in July. The stock spiked again on Tuesday, rising as much as 28 percent to a record $153.88 per share after the company announced it had received U.S. approval to import medical cannabis to California for a research project.

The company’s market value has surged more than Kennedy expected in such a short period of time, but he’s not worried it’s overvalued. Well-known activist short-seller Andrew Left has suggested Tilray’s shares are destined to fall, and there have been calls for the company, which only listed a small percentage of its shares, to release more.

Kennedy noted that Tilray’s IPO was just two months ago, although he added that he’s always looking for ways to raise capital.

World’s Most Valuable Pot Company Envisions $100 Billion Future

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email