I don’t understand - Tilray is headquartered in the US (you can verify by checking quinlashes numerous posts) - and US MSOs including the Cannabist, Cresco, Curaleaf and Trulieve all got Ohio licences and started recreational sales last week.
So why didn't Tilray get such a licence to sell recreational cannabis in Ohio? Sounds like a pretty big market.
Oh wait - it's illegal for Canadian cannabis LPs to sell recreational cannabis in Ihio - as well as every other state in the US.
Ih well - there's always Getmany
Story HighlightsTilray loses ground despite the opening of a new market in the U.S.
It should have been a much better day for cannabis company Tilray , as a new potential market has just opened up thanks to some law changes in Ohio. But despite this new potential avenue for growth, Tilray still plummeted a whopping 5% in Tuesday morning’s trading. The new word out of the Ohio Division of Cannabis Control announced the first sales licenses in the state, giving 98 dispensaries the ability to open throughout the state.
This is expected to mean big things for cannabis in Ohio, as the state expects to see between $1.5 billion and $2 billion in sales in the first year alone. By the fourth year, that number will balloon to between $3.5 billion and $4 billion.
However, what may be the problem for Tilray on this one is that there are a range of other cannabis companies with an active presence in Ohio. In fact, reports suggest that there are at least six different companies going for the Ohio market, and with only 98 total licenses, that means that pie is going to get split a lot of different ways. That, in turn, will make revenue growth as a result of the Ohio market comparatively lean.