Tilray (TLRY) announces the expansion of its global senior leadership team with the appointment of Andrew Pucher as Chief Corporate Development Officer (CCDO). In his new role, Andrew will lead Tilray’s corporate development function, including the team that is responsible for M&A and corporate investments. He will be based in Toronto, ON, and report to CEO Brendan Kennedy.
Andrew joins Tilray from Goldman Sachs, where he was a Managing Director and most recently served as Head of Canadian Diversified Investment Banking, which included coverage of the Canadian cannabis industry. Previously, he was a member of Goldman Sachs’ Global Healthcare Investment Banking Group in New York, where he advised on more than $200 billion in announced M&A and financing transactions, with a focus on the biopharmaceutical sector. Andrew is a graduate of Simon Fraser University and earned a JD/MBA from York University.
Brendan Kennedy, Tilray’s CEO, said, “We’re pleased to welcome Andrew to our senior leadership team to execute strategic transactions that will further accelerate Tilray’s long-term global growth. Andrew shares our commitment to a disciplined, strategic approach in pursuing inorganic growth opportunities. His transaction experience and industry knowledge will be valuable as we work to capitalize on the many strategic opportunities available to us and continue to pursue the disruptive potential of cannabis across industries including pharmaceuticals, alcohol, consumer goods, functional food and beverage, retail and nutraceuticals.”
Recent Tilray transactions and partnerships include: forming a global partnership with Sandoz, a division of Novartis, to distribute its medical products; establishing a 50/50 joint venture with AB InBev, the world’s largest brewer, to develop THC and CBD beverages; signing an agreement to produce THC and CBD products for Authentic Brands Group portfolio of brands, which includes Muhammed Ali, Nine West, Spyder ski gear, Prince tennis wear, Marilyn Monroe, Juicy Couture and Elvis Presley; acquiring Natura Naturals Holdings, thereby increasing its cannabis supply; and most recently, announcing the acquisition of Manitoba Harvest, the world’s largest hemp company, accelerating the company’s entry into the natural foods space with hemp and CBD-infused food and wellness products for North America.
Over the past several months, Tilray has announced appointments to its senior leadership team, with executives from world-leading brands: Sascha Mielcarekjoined Tilray from Grünenthal to become Managing Director, Europe; Greg Christopher joined from Nestle to become Tilray’s EVP of Operations; Rita Seguincame on board from Diageo to be Tilray’s EVP of Human Resources; Dara Redler, Tilray’s General Counsel worked previously at The Coca-Cola Company; and Charlie Cain as VP of Retail came from Starbucks Corporation. (Original Source)
Ultimately, the word on the Street points to a sidelined majority on Tilray. In the last three months, the cannabis maker has landed 2 ‘buy’ ratings vs 3 ‘hold’ and 2 ‘sell’ ratings. It’s clear that Wall Street is largely divided between the bulls and the bears when it comes to Tilray’s market opportunity. That said, the consensus average price target points to $100.33, or nearly 40% upside potential for the stock. This suggests that by consensus expectations, for now, the bulls win on Tilray.
For more insights, check out our cannabis stocks category.
