Seeking to widen the company’s global leadership team with new members, Tilray Inc. (NASDAQ: TLRY) looked to the financial industry this week for a new outside hire to fill the role of Chief Corporate Development Officer.
Andrew Poucher was tapped for the role, moving into the position after serving as Managing Director and Head of Canadian Diversified Investment Banking with financial juggernaut Goldman Sachs.
In those former positions, Poucher previously oversaw investments involving biopharmaceuticals, including cannabis. As Tilray’s new Chief Corporate Development Officer, he will oversee the company’s upcoming acquisitions and major investments into other cannabis companies in Canada and internationally.
Tilray Chief Executive Officer Brendan Kennedy commented on the new member of upper management:
As one of the largest licensed cannabis producers, Tilray’s recent acquisitions and partnerships have made headlines worldwide.
Most notably, the company entered a partnership with Anheuser-Busch InBev (NYSE: BUD) to research and develop a new line of drinks infused with CBD and THC.
While the legalization of products in Canada such as dried flower and oils have seen the lion’s share of cannabis business development in recent months, infused beverages are expected to become a major focus in the coming year.
Tilray made a move directly into the hemp and CBD side of the industry last month in a cash and stock deal to acquire hemp food company Manitoba Harvest. After that acquisition, Tilray is gearing up to release additional lines of hemp-based wellness bars and other CBD products through the new acquisition.
On the international side, Tilray is currently expanding operations in Portugal, doubling the workforce of subsidiary Tilray Portugal Unipessoal Lda after a successful harvest of medical cannabis. The company has invested $20 million into the Portuguese cultivation facility so far to expand to 250,000 sq. ft. of combined greenhouse grow rooms, research laboratory space, processing areas, and packaging / distribution rooms.