Cannabis producer Tilray (NASDAQ:TLRY) jumped over 20 percent in value after announcing new additions to its C-suite.

The company confirmed on Tuesday (January 14) that it has hired former Revlon (NYSE:REV) commercial executive Jon Levin as its chief operating officer, while Michael Kruteck, a former executive with privately held Pharmaca Integrative Pharmacy most recently and Molson Coors Beverage (NYSE:TAP,TSX:TAP) previously, has joined as its new chief financial officer.


Shares of the company closed Tuesday’s session at US$21.22, representing a 22.31 percent hike for the day. During after-hours trading, the firm was up an additional 0.85 percent as of 4:23 p.m. EST.

 

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“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,” Brendan Kennedy, CEO of Tilray, said in a press release.

stock chart for TLRY

Last year, Tilray was hit with severe share price and valuation drops as part of a grueling year for the marijuana industry. In 2019, the share price of the company declined by 76.74 percent, resulting in a loss per share of US$53.68. The company finished the year with a share price of US$16.27.

Tilray has faced one of the most volatile paths in the cannabis stock market since its original initial public offering in 2018. The company originally faced a frenetic trading pace, which led it to at one point be priced at US$300 per share.

Last summer, Tilray pursued a deal with its largest investor, Privateer Holdings, in order to lock up the shares owned by Privateer and create special restrictions for them.

“We believe this transaction will give Tilray greater control and operating flexibility, while allowing us to effectively manage our public float,” Mark Castaneda, who was chief financial officer for Tilray at the time, said about the deal.

Don’t forget to follow us @INN_Cannabis for real-time news updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

 

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One major cannabis analyst gave her top stock pick this week as industry attention continues to converge on the path ahead for the US market.

Also this week, the CEO of Aphria (NASDAQ:APHA,TSX:APHA) gave an update on a critical merger and spoke about who holds the edge in the US in terms of American and Canadian cannabis operators.

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Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) (“Cronos Group” or the “Company”) will hold its 2021 First Quarter Earnings Conference Call on Friday, May 7, 2021 at 8:30 a.m. EDT. Cronos Group’s senior management team will discuss the Company’s financial results and will be available for questions from the investment community after prepared remarks.

A live audio webcast of the earnings call will be available on the Company’s website at https://ir.thecronosgroup.com/events-presentations . The webcast of the call will be archived for replay on the Company’s website.

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A report just released in early April confirms that the cannabis beverage sector is thriving. According to this report from industry stalwart, Marijuana Business Daily while sales for vapes, pre-rolls and flower were lackluster, cannabis beverages shined:

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BevCanna Enterprises (CSE:BEV,OTCQQ:BVNNF,FWB:7BC) CEO Marcello Leone shared how the company is scaling up its products to forge partnerships and explore opportunities across Canada, the US and Western Europe. 

“Getting your standard processing license and being fully compliant at a federal level is critical in Canada, and we were successful in getting that done. Now we’re getting ready to launch our Keef line of beverages within the next 45 days,” Leone said. 

As a young company, Leone said BevCanna has only started, but it took a four-pronged approach to make sure that it is a revenue-generating company prepared for the opening of many jurisdictions for CBD-based products.

“We are blessed that we have a beautiful infrastructure of our own, a state-of-the-art bottling facility with a capacity of almost 200 million bottles per annum and a strong balance sheet of $55 million. We are in a strong position to scale and grow this company.”

BevCanna has received a Standard Processing License from Health Canada and is now fully authorized to begin production at its full-service, high-capacity beverage manufacturing facility. The company will begin production of its white-label products, number one US cannabis beverage brand Keef and its in-house beverages through licensed Canadian retailers, positioning the company to fully capitalize on the burgeoning Canadian cannabis-infused beverage sector.

Watch the full interview with CEO Marcello Leone above.

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BioHarvest Sciences (CSE: BHSC) will be presenting at the Benzinga Cleantech Small Cap Conference taking place on April 22, 2021. We invite our shareholders and all interested parties to explore cleantech small cap investment opportunities through two days of networking, dealmaking and discovery.

Sign up to get a free spectator pass for the event: https://www.benzinga.com/events/small-cap/clean-tech/

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