Tilray stock is moving up slightly in Wednesday's trading session after Tilray Inc (NASDAQ:TLRY) announced the acquisition of United Kingdom-based boozy candy company Smith & Sinclair.
Key Acquisition and Analysis
Over the past year or so, Tilray has emerged as one of the more important companies in the growing marijuana industry, and late Tuesday, the company made a significant announcement. In a new development, the company has managed to acquire United Kingdom-based boozy candy company Smith & Sinclair.
Smith & Sinclair is involved in the manufacturing of cocktail treats. This acquisition is going to give a major boost to Tilray stock and the company’s efforts to get into the edibles market. Tilray announced that it is going to leverage Smith & Sinclair’s expertise to produce CBD-infused edibles that are going to give it a whole new line of products.
The timing of the acquisition from the Canadian company is also interesting. Canada is all set to legalize CBD-infused edibles this year and companies are supposed to send in their applications. This looks like a move from Tilray that will allow the company to enter that lucrative market as soon as it opens up.
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The Chief Executive Officer of Tilray Inc, Brendan Kennedy, stated that he was highly impressed by the range of products that have been produced by Smith & Sinclair. He also praised the innovation that the company has brought to the space through its research.
At the time of writing, Tilray stock is up 0.55% at $43.22.
Speaking about Tilray's latest acquisition and about Smith & Sinclair, Kennedy said, “Over the course of the last nine years, I’ve met most of the cannabis edible companies, and this team was pretty different from anything I had seen in the hemp space and the CBD space. Based on some of the R&D they have done, we believed that they could create some innovative products.”
Although Tilray refused to divulge the sort of products that it is going to develop, it is fair to say that one might expect a range of innovative products from the award-winning team at Smith & Sinclair.
Tilray stock has been consolidating over the past couple of months after falling about 50% from its January peak price of $101.
Featured image: Canva
