Irwin Simon, CEO of Canadian cannabis company Aphria, is looking for additional opportunities to acquire brands in the consumer goods space, hoping to grow beyond cannabis.
“There are a lot of opportunities in the US right now with food and beverages and other consumer products, and I know how to build consumer brands and turn them into cannabis once it’s legalized,” Simon said in a CNBC interview with Closing Bell ” months.
Simon previously founded the consumer products company Hain Celestial Group, which specializes in natural and organic foods, beverages and personal care items. He remained with the company for over 25 years, acting as its CEO and president.
“I don’t know when [cannabis] “Legalization is happening in the United States. I want to continue to buy certain businesses, such as Sweetwater, such as Manitoba Harvest, which can take place in the cannabis world once legalization takes place with high margins, high growth and excellent distribution for us.” said Simon.
The company acquired Sweetwater, an independent brewer in the United States, in November. One month later, Aphria announced plans to merge with another Canadian cannabis company, Tilray, along with its hemp brand Manitoba Harvest, to form the largest cannabis company by revenue.
Shares of the company closed 14% to $ 13.95 on Monday, after the company reported that coronavirus blockage in parts of Canada and Germany affected sales of its products in the third fiscal quarter. Revenues fell from the second quarter to the third quarter, but were higher year on year.
For the three months ended February 28, Aphria reported a net loss of C $ 361 million on C $ 153.6 million in revenue.
“In the US, we had a solid first quarter of contribution from Sweetwater, even with lower on-site sales compared to the previous quarter, as many units in the food industry were still operating with limited capacity,” Simon said. a press release.
Aphria shareholders will vote on the Tilray agreement on Wednesday. Shares of Tilray closed at $ 17.19 on Monday, down 13%.