Tilray stock is soaring on Tuesday after the company announced changes to its executive management with the appointment of a new CFO and COO.
Experienced New Heads
Nanaimo-based Tilray Inc (NASDAQ:TLRY) announced the appointment of Michael Krutech to the position of Chief Financial Officer, having previously served in multiple financial management roles at Molson Coors (NYSE:TAP) and most recently as the CFO of Pharmaca Integrative. Mr. Krutech will take up the position immediately, replacing current CFO Mark Castaneda, who will be moving to the position of strategic business development. Tilray stock is trading up 7.5% following the announcement.
Tilray has also announced that Jon Levin will join the firm as Chief Operating Officer. Mr. Levin most recently held the position of General Manager at the New York-based personal care company Revlon Inc (NYSE:REV) and brings with him over 25 years of experience in the sale of consumer goods through major retailers in the US. This experience is expected to stand Tilray in good stead as it looks to tackle the storefront and distribution issues facing the Canadian cannabis market. Tilray shares are currently trading for $18.67.
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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. 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,” said Brendan Kennedy, Tilray CEO.
Tilray Stock Falls Back to Earth After Post-IPO Buzz
Tilray went public in July 2018 at a debut price of C$22.45, and despite a huge initial surge to a peak of $214 in September of that year, Tilray stock has since fallen back to earth and currently trades for about 17% lower than its IPO price. After reporting mixed Q3 earnings back in November, the incoming executives face a difficult challenge to move the company on in 2020 with the arrival of the cannabis 2.0 market.
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