Hot off a supply deal with Canadian Nova Scotia Liquors, Tilray CEO Brendan Kennedy said he expects more strategic investments to pour into the burgeoning marijuana industry.
"Cannabis globally is disrupting the pharmaceutical industry, the alcohol industry, the [consumer packaged goods] industry and, to some extent, the tobacco industry," Kennedy said Tuesday on CNBC's "Closing Bell." "I definitely expect additional strategic investors to invest in the industry in the coming months."
Shares of the Canadian medical marijuana company shot up more than 21 percent on Monday, after Tilray announced it had been selected by the Nova Scotia Liquor Corporation to receive an initial purchase order for adult-use cannabis, which will go legal nationwide in Canada starting Oct. 17. Tilray gained another 12 percent after the bell on Tuesday, after reporting second-quarter earnings that pleased the Street.
As the marijuana industry matures, Kennedy sees it resembling consumer products or pharmaceuticals more so than commodities.
"While at first look, you might want to judge companies in the industry based on agriculture or growing a commodity product, that's really not what the industry is going to look like five years from now," Kennedy said. "People will drink cannabis instead of a beer ... they may eat a product in the form of a chocolate bar or an edible, or consume a pill."
"That's where the value is, it's in the intellectual property of these other form factors and other delivery mechanisms," Kennedy said.