Irwin Simon, chairman and CEO of cannabis products maker Tilray (NASDAQ:TLRY), said Tuesday that he expects "something to happen" on federal U.S. legalization of cannabis in the next 24 months.
In an interview with CNBC, Simon pointed to surveys that show that 93% of voters want legalization and to the fact that more than 35 states currently allow either adult use or medical applications of the products.
Looking ahead, Simon asked shareholders in late June to approve an increase in the company's outstanding stock so that it could pursue acquisitions.
On Tuesday, Simon specifically cited the medical market in Europe as a prime target for potential M&A activities.
The Tilray CEO also pointed to the company's recent merger with SweetWater Brewing as another potential growth area. He explained that the purpose behind the combination was to create a distribution structure for CBD and THC beverages once the legal situation had clarified.