JULIE HYMAN: Tilray Brands got a lift last week after the company reported earnings, also rebranded as Tilray Brands following a number of acquisitions and transitions.
You know, as you know, I’m about building brands and building businesses focused on brand– and brand equity, brand equity, brand equity.
And if you look at valuations and multiple, brands are what consumers will pay for.
But Canada is 37 million people in size, and there’s only so much you can build in Canada.
So we will build out a nice, strong business in Canada in cannabis, and drinks, and edibles, and stuff like that.
When it comes to the US, listen, you know, last year this time with the Biden administration coming into play and lots of discussion around cannabis, we thought legalization or safe bank could be around the corner.
And what I wanted to do in the US is build our business around spirits business, beer business, and food business, which can be adjacencies one day once legalization does happen in the US.
It’s our brands– whether it’s our Rip brand, our Solei brand, our Good Supply brand, our Chowie Wowie brands.
As you said, there was no Safe Banking Act for the industry last year, disappointing some who thought that that was on the cusp of coming to fruition.
And we would have two businesses, a drinks business that contains THC and a drinks business that contains alcohol.
The other thing which it unlocks for the company, Julie, is this here– we would be able to own cannabis businesses in the US.
But when you buy great brands and great businesses like our 420 Sweetwater Beer, our Breckenridge Bourbon, our Manitoba Harvest food products that are infused with hemp, they’re businesses that can grow.
And to that point, you know, a lot of experts say the drink market in cannabis is the next big thing.
And ultimately, with us being in the distribution business with Sweetwater, we could go ahead and do our own beer distribution and ultimately do it on its own.
You know, I’m just curious, as you guys think about the development of products like that, that have both alcohol and THC, not just CBD but THC, like that– that would pack a punch.
But again, you know, with THC, you don’t have the calories, you don’t have the hangover, and, actually, you don’t have some of the health issues that could come with drinking a lot of alcohol.
And I have you been there on research and have seen products, and same with some beer– there’s a lot of beer products out there today that don’t have alcohol, that have THC.
And by the way, Diageo doesn’t get such a bad multiple out there being in the spirit business either.
Irwin, finally, I want to ask you– you know, at Hain, your former company, you were known as somebody who built that company by making a lot of acquisitions.
You know, listen, a big part of since I’ve been at Tilray, we’ve done well four or five acquisitions– our reverse merger with Tilray, Sweetwater, our bourbon business, we bought some other– Breckenridge Bourbon, bought some other beer businesses.
I really like the spirits business, I like the beer business, I like the beverage business, you know, I like the food business.
And that’s the big thing here– how do we do the right acquisition with, ultimately– with the mission and vision being adjacencies to the cannabis business, which can go medical, which can go adult use, which can go drinks, which can go foods, which can go infused snacks, et cetera.
You want consumers that will buy brands in cannabis and spirits that they can trust, that’s gone through all the regulatory, and is what we put on the labels either in the bottle, or in the pre-roll, or in the flour, et cetera.
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