Thursday, October 6, 2022

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Cannabis is a $100 Billion Opportunity, According to Weed CEO

In terms of an unreliable source, you can get much more so than a cannabis CEO boasting of the potential of its market.

But even so, most would agree that there’s a huge amount of potential in the market whenever the US decides to legalize the plant entirely. That decision will probably come at some point this decade.

Tilray CEO, Irwin Simon, has added fuel to that speculative fire by putting a price point at this potential: $100 billion.

“The U.S. is a $100 billion opportunity in cannabis. If you look at cannabis today in the U.S., 93% of Americans want medical cannabis legalized and about 63%, 65% want adult use. Today, it’s legal in about 33 states, plus D.C. So it’s out there that… a majority of people want cannabis legally.”

Tilray is a giant marijuana grower in the US with additional operations in Canada, Australia, New Zealand and Latin America. They would benefit IMMENSELY from a $100 billion market, and some wishful thinking on Simon’s part is likely to at least make an effect in that direction.

One of the main reasons in the belief for such a huge market is that marijuana is no longer limited to just the smoking part. Beverages, edibles, even lotions, are becoming bigger and bigger sections of the pie.

In their fiscal fourth quarter, Tilray reported an 8% growth in sales, which created a decent sized bump in their stock price.

Read the full story at Yahoo News.

 

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