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Canada’s largest cannabis producer wants to break through the blurry US market with the expansion of hemp -based beverages.
Tilray Brands has expanded its position in the state through hemp drinking infrastructure such as Georgia and Florida. Tilray has launched HEMP -derived THC drinks in various markets across the United States, and the company’s drinks are currently in 1,000 stores nationwide.
According to Brightfield Group, sales of THC drinks derived from hemp have been $ 380 million in 2024. By 2029, US sales are expected to increase to nearly $ 750 million.
Jared Simon, chairman of Tilray Wellness, said hundreds of retailers working together in alcohol ecosystems such as beer and liquor stores can develop the presence of hemp drinks.
“This is a big synergy we have as a Tilray, and we have hundreds of new retailers that we are already working together.” We have been innovated several times with THC centered on cannabis in the Canadian market, and we have learned it and applied it to the US HEMP derivative THC. “
Tilray has been able to start selling HEMP DELTA 9 -derived drinks due to the loopholes of the 2018 Farm Bill, which allows the company to sell drinks at 0.3% THC. This allows you to sell drinks across the main lines in many states. Other brands, such as Jones Soda’s Mary Jones, have also launched similar products.
Tilray suffered from the US cannabis market as the way of legalization was unclear. The company preferred drinks in the United States and became the fifth largest craft brewer with a series of acquisitions of the beer Giants Molson Coors and Anheuser-Busch.
As traditional cannabis and alcohol sales slow down, Tilray places hemp drinks as wellness products to help consumers relax without being drunk or drunk. The company also introduced an alcoholic drink within the craft beer brand.
However, as the consumer sentiment decreases, the company’s financial position is raising concern. The company reported last month’s import calls about $ 700 million in non -cash disorders related to “market volatility” and reduced the possibility of cannabis regulations, the company’s CFO CARL MERTON told investors.
Tilray’s CEO and Chairman IRWIN D. Simon said the company is convinced of the potential of long -term success and sees a blow to the current profit as a temporary road block. He pointed out the company’s cannabis infrastructure and diversification strategy throughout the beverage industry.
Simon said Tilray has the desire to make hemp collapse a “million dollar business”. According to Brightfield Group, more consumers are switching from cannabis to hemp derived THC. According to a survey by a researcher, 22%of respondents said that HEMP -derived drinks were used as an entry point in the Kannabi noid world, creating new cannabis customers such as Tilray.
“The big thing is to educate consumers about what the hemp drinks and Delta -9 drinks are, and the benefits from them.” “So it is a big opportunity for us.”
Sarah Zimmerman contributed to this story.