Over the last week, shares of Tilray Inc. (TLRY) have jumped more than 30% from a 52-week low of $15.01, to over $20. This is a direct result of the company announcing some new management changes.
Tilray announced that they have expanded their Global Leadership Team with a new COO and CFO. The former Revlon executive Jon Levin joined Tilray as their Chief Operating Officer. Former Molson Coors and Pharmaca executive Michael Kruteck joins the team as Chief Financial Officer. Tilray’s current CFO, Mark Castaneda, will stay with the company working on strategic business development.
Jon Levin’s previous role was General Manager of U.S. Mass Markets of Revlon. He was responsible for the consumer products sold through major retailers in the United States. Levin joins the team with 25 years of experience and also brings general management knowledge in industries including beauty and health, consumer packaged goods and sporting goods.
Micheal Kruteck, the company’s new CFO has served multiple senior financial roles at Molson Coors Beverage Company. Recently he was CFO for Pharmaca Integrative Pharmacy. Micheal joins the company with over 30 years of experience. Kruteck in particular could prove to be an asset, given his experience with brewer Coors, and Tilray’s ongoing partnership with beer-maker Anheuser-Busch Inbev.
The fact that the company is bringing in industry veterans with years of experience in the consumer packaged goods sector has made investors feel a lot more confident about management moving forward. Experience is an essential key to success for any company looking to capitalize on the global market.
Tilray’s CEO Brenden Kennedy was extremely enthusiastic about the companies two recent hires and expressed his excitement in a statement: “We are thrilled to have these experienced leaders join our team as we continue to disrupt the global pharmaceutical, alcohol, CPG and functional food and beverage industries.” Brendan went on to say that, “Jon and Michael come to Tilray with extensive expertise in their respective fields and we look forward to their contributions as we pioneer the future of cannabis and hemp around the world. As CFO, Mark has led the company through its IPO and substantial growth in the past couple years and we thank him as he transitions to a new strategic role with the company.”
As Tilray continues to make progress with both management changes and business development, they continue to cement itself as a major player in the global cannabis sector. However, they will need to show continued growth and profits in their next quarterly report if the stock price is to sustain these levels.
TLRY shares were trading at $20.19 per share on Thursday afternoon, down $1.17 (-5.48%). Year-to-date, TLRY has gained 17.86%, versus a 2.51% rise in the benchmark S&P 500 index during the same period.
About the Author: Aaron Missere
Aaron is an experienced investor who is also the CEO of Departures Capital. His primary focus is on the cannabis industry. He also hosts a weekly show on YouTube about marijuana stocks. Learn more about Aaron’s background, along with links to his most recent articles. More...