The cannabis sector had a pretty hard time for much of 2019 due to a range of structural issues, but the New Year has been kinder so far for many of the well-known cannabis stocks. TLRY stock had a tough time for many months, but on Tuesday, it emerged as one of the bigger gainers in the sector and gained as much as 22%. As a matter of fact, it has gained as much as 50% so far this week, and perhaps it is time for investors to take a closer look at Tilray Inc (NASDAQ:TLRY).
Major Changes in the Management Team
It seems that investors are happy at the latest appointments made by Tilray at the executive level. The company managed to poach as many as two high-level executives who have a wealth of experience in guiding large publicly-traded companies.
The first appointment is that of Michael Kruteck, who is going to be appointed as the Chief Financial Officer. He served as the CFO of the privately held company Pharmaca and before that, he held down a wide range of executive positions at Molson Coors (NYSE:TAP). The current CFO of Tilray, Mark Castaneda, is going to move into a business development role.
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TLRY stock is up 2% at $21.65.
The other appointment is Jon Levin, who is going to step in as the Chief Operating Officer at Tilray. It is a significant appointment from the company, considering the fact that Levin had earlier served as the United States head of mass markets for cosmetics giant Revlon (NYSE:REV).
It is a major boost for Tilray since it showed its shareholders that despite being a struggling firm in an industry beset with uncertainties, it can attract top executives. The two new appointees will have to bring all their experience into play in order to take care of the wide range of internal and external issues at Tilray.
TLRY stock is still down almost 78% from its 52-week high of $99.75.
Featured image: Canva
