One thing that's clear amid all the challenges in the cannabis industry over the past year is that some changes need to be made. With many competitors in the field and all of them claiming to offer growth, many investors have been willing to pay good money for not much else in return. But that's changed, and cannabis companies now need to offer more substance to attract investors. One way to help create that change is by putting different people in place at the top. Canopy Growth (NYSE: CGC) did that when it replaced Bruce Linton, and Tilray (NASDAQ: TLRY) has made significant changes as well. Both of the moves can pay off, and here's why.
In January, Tilray announced that Michael Kruteck would become the company's new chief financial officer. Kruteck's experience as an executive at Molson Coors and CFO of Pharmaca Integrative Pharmacy will be of immense value for a company like Tilray that is in both the beverage business and healthcare. It was in December 2018 that Tilray announced it would be partnering with Anheuser Busch InBev to develop drinks for the now-legal edible cannabis market in Canada.