Tilray could reach $ 100 billion, says CEO

Tilray Inc. (TLRY) CEO Brendan Kennedy believes that the specialist in marijuana research, production and distribution may one day become a $ 100 billion business.

The company's shares jumped 29% Tuesday after announcing that it had received approval to import marijuana into the United States for medical research. The stock has been targeted by short sellers in recent months as some investors have even compared the rise of nearly 800% in its share price since its IPO in July to $ 17 in the bitcoin bubble.

In an interview in New York, reported by Bloomberg, Kennedy acknowledged his surprise at the current market capitalization of $ 14.4 billion, but also pointed out that he did not think that Tilray, the biggest pot stock, was overvalued. Instead, he argued that the company has all the ingredients to one day be among the largest companies listed in the United States (see also: Tilray shares short sales)

These big ambitions mean that Tilray has no interest in being taken in charge by a large group of consumers. During the interview, Kennedy said Tilray is passionate about the cannabis product market, adding that he had "a lot of conversations with many companies" to achieve this. However, he also stressed that a buyout was not an option. "I do not want to be bought by AB-InBev or Diageo, I want to be this company," he said.

Kennedy's comments reflect growing speculation that major beverage manufacturers are eager to invest in the cannabis industry. Since Constellation Brands Inc. (STZ.B) has invested heavily in Canopy Growth Corp. (CGC), several other beverage giants, including Coca-Cola Co. (KO) and Diageo (WD), would line up their own offers to enter the sector. (See also: Coca-Cola can get into cannabis-infused drinks)

In a separate interview with CNBC's Mad Money, Kennedy encouraged liquor manufacturers to invest capital in companies like Tilray, saying cannabis stocks were a "global opportunity" for them. drug manufacturers.

"Cannabis is a substitute for prescription painkillers, prescription opioids, and if you're an investor in a pharmaceutical company or you're a pharmaceutical company, you have to protect yourself against cannabis substitution."

Tilray formed a strategic alliance with Novartis (NVS) in March. In exchange for providing the Swiss health care firm with a cannabis coverage, Novartis is required to assist the co-marketing of Tilray and co-develop its products.