Cannabis firm Tilray is hiring Goldman Sachs’ former managing director

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Cannabis firm Tilray is hiring Goldman Sachs’ former managing director

Bethan Rose Jenkins, Cannabis News Writer/Editorial

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Leading Canadian cannabis cultivator Tilray has announced that it is hiring Goldman Sachs’ ex-managing director, Andrew Pucher, as the company’s chief corporate development officer.

Pucher is the latest of numerous Wall Street executives to enter the legal weed industry in recent times. His role as managing director at Goldman Sachs involved covering cannabis stocks and he also worked as the head of Canadian Diversified Investment Banking.

Now, Pucher’s office will be housed inside British Columbia-based Tilray’s headquarters. His duties will involve dealing with the company’s mergers and acquisitions, not to mention the company’s corporate investments.

Tilray trades on the NASDAQ

(Pictured) Andrew Pucher – Tilray’s new chief corporate development officer

You’ll find this pot stock trading under the ticker symbol TLRY. Since it began trading publicly, the Canadian cannabis company has seen its revenue jump 204 percent year-over-year to a whopping $20.9 million CAD in the fourth quarter of 2018.

This is a huge increase from the CA$12.9 million in sales accrued during the third quarter. Compared with the year’s revenue in 2017, Tilray’s sales for the entire of 2018 (CA$56.4 million) were 110 percent higher than the year’s sales in 2017.

“In general, U.S. capital markets have generally been closed to growers,” said the founder of cannabis-focused investment bank Viridian Capital Advisors, Scott Greiper. “Tilray is reflecting that exchanges like Nasdaq and New York [Stock Exchange] are starting to open up to the fact that cannabis is a legitimate marketplace. Every exchange is looking to be on the front lines of capital markets.”

According to Renaissance Capital, Tilray was one of the 10 performers in the U.S. stock market last year. By the close of 2019, Tilray anticipates its internal production capacity will almost double to 2.2 million square feet.

Tilray is strengthening its workforce with corporate experts

Tilray has made the cannabis news headlines on more than one occasion for its strategic business moves, which include a venture with pharmaceutical group Sandoz, a partnership with multinational drink and brewing holdings company Anheuser-Busch InBev, and acquisition of the world’s largest hemp foods manufacturer Manitoba Harvest.

Pucher isn’t the first executive with a strong corporate background to work for Tilray. The pharmaceutical cannabis company has bolstered its management team with Starbucks veteran Charlie Cain and former Nestle executive Greg Christopher. Cain is now Tilray’s vice president of retail and Christopher is the executive vice president of operations.

You can read more information about Pucher’s new position at Tilray here.