Tilray CEO Irwin Simon believes the legalization of cannabis at the federal level will provide major business opportunities in the United States.
In a recent interview with Yahoo Finance Live, Simon predicted that the opportunity would be upwards of $100 billion.
“If you look at cannabis today in the U.S., 93% of Americans want medical cannabis legalized 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 majority of people want cannabis [to be available] legally.”
Simon stressed that the opportunities could be extended to cannabis-adjacent products like food, personal care items, and drinks.
“What will happen once the U.S. legalizes, the big companies like Diageo, Brown-Forman, ABI, even I think the Nestle’s and the Unilever’s will want to be into the cannabis business because they know Gen-Z, millennials, that’s very much what they want,” Simon said.
Simon’s comments come after Senate leaders, lead by Majority Leader Chuck Schumer, D-N.Y., last month introduced a bill that would end the federal prohibition of marijuana, allowing states to set their own laws without fear of reprisal from the federal government.