Tilray CEO Irwin Simon believes that legalizing cannabis at the federal level will provide great business opportunities in the United States.
In a recent interview with Yahoo Finance Live, Simon predicted that the opportunity would be in excess of $100 billion.
“If you look at cannabis today in the United States, 93% of Americans want legalized medical cannabis and about 63%, 65% want adult use,” he said. “Today it’s legal in about 33 states, plus D.C. So it’s out there that … that the majority of people want cannabis [to be available] lawful.”
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Simon emphasized that the opportunities could be extended to cannabis-adjacent products such as food, personal care and beverages.
“What will happen when the US legalizes, the big companies like Diageo, Brown-Forman, ABI, even I think Nestle’s and Unilever’s will want to be in the cannabis business because they know Gen-Z, millennials, that’s very much what they want ,” Simon said.
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Simon’s comments come after Senate leaders, led by Majority Leader Chuck Schumer, D-N.Y., last month introduced a bill that would end the federal ban on marijuana, which allows states to set their own laws without fear of retaliation from the federal government.