Tilray Inc. (NASDAQ: TLRY) shares jumped on Thursday after the firm made a couple updates to its business. First, Tilray announced that it has made a few additions to its global senior leadership team. Separately, the firm signed a long-term revenue-sharing agreement to market and distribute a portfolio of consumer cannabis products with Authentic Brands Group (ABG), in jurisdictions where regulations permit.
Each of the recently hired senior leaders brings invaluable expertise to Tilray’s growing leadership team. The firm is adding: Greg Christopher as executive vice president (EVP) of Operations, formerly with Nestle; Rita Seguin as EVP of Human Resources, formerly with Diageo; Dara Redler as general counsel, formerly with Coca-Cola; and Charlie Cain as vice president of Retail, formerly with Starbucks.
ABG has a global retail footprint of over 100,000 points of sale and more than 4,500 branded freestanding stores and shop-in-shops. The firm’s portfolio generates roughly $9 billion in retail sales annually.
Brendan Kennedy, Tilray president and CEO, commented:
We are thrilled to partner with ABG, a global leader known for expertly managing and marketing an owned portfolio of iconic brands. As we work to expand Tilray’s global presence, this agreement leverages our complementary strengths and will be accretive to our shareholders as we reach new consumers across the entertainment, fashion, beauty, home, and health and wellness sectors. We look forward to working with ABG to bring unique and sought-after branded cannabis products to the marketplace.
Excluding Thursday’s move, Tilray had outperformed the broad markets, with its stock up about 10% year to date.
Shares of Tilray were last seen up about 4% at $80.60 on Thursday, in a 52-week range of $20.10 to $300.00. The consensus price target is $131.25.