Here's your Forbes Daily Briefing for Thursday, May 8th.

Today on Forbes, why one-time cannabis darling Tilray is now high on beer.

In July 2018, Tilray, the Canadian-based cannabis company, went public on the NASDAQ,

becoming one of the first weed firms to list on a big U.S.

Exchange.

On its first day of trading, shares jumped 35 percent, and Tilrey became the first beloved potstock.

A few months later, Tilray hit $214 per share, valuing the startup, which had $27.7 million in revenue at the time, at $17 billion,

in all-time high. But shares have been in a painful decline ever since. After seven years of

no meaningful movement at the federal level to legalize marijuana in America, and brutal

competition in Canada's small cannabis market, Tilray's stock price has now dropped below $1,

recently trading at $0.49. Last month, the NASDAQ sent the company a warning that it could be

delisted. Erwin Simon, who became CEO of Tilray in 2021, after the company a warning that it could be delisted. Erwin Simon, who became CEO of Tilrey in 2021, after the company merged with another

Canadian cannabis company, Afria, which he was CEO of at the time, is well aware that his

company's stock price is in the toilet, and he believes he has a plan to fix it.

Simon, who oversaw Tilrey's acquisition of more than a dozen craft beer and spirits brands

over the last few years, says he is, quote, not nervous about getting delisted because he

expects shareholders to approve a reverse stock split in July, which would bring the share

price over a dollar again.

Simon, who founded Hain Celestial Group in 1993, an organic food company he took public and

grew into a $3 billion in annual sales business, oversaw the merger of Afria and Tilray four years

ago. The deal, which valued the combined company at nearly

$4 billion, was structured as a reverse acquisition of Tilray. Each Afria shareholder

...