This review applies to all the accounting roles that Tilray is currently advertising for.
When I was considering Tilray, I quickly realized there wasn’t much info out there about the Company’s Accounting Function. That’s because it essentially doesn’t exist, other than the typical AP and AR clerks. All the roles listed above, with the exception of 1 are new and the Company is only now getting around to filling them. Therefore, I felt a comprehensive review was required.
The Company enters into very technically-challenging transactions, very large transactions, or a combination of both. Yet, leadership decided to let the Company function without a full accounting function. After going back and forth internally about whether the accounting function should be in Seattle or Toronto, they hired one person in Toronto in April 2020 to fill the four roles that the Company has been advertising. Right now, there is nobody in the accounting function with any technical skills. All the roles currently being advertised by the Company, or some combination thereof, were available since October 2019. As of this review, none have been filled. Why? Tilray's accounting roles require:
1. U.S. GAAP knowledge
2. U.S. SEC reporting
3. Lots of technical accounting and research
4. Tons of controls to develop and implement, since they operate in a public SOX environment
5. Long hours (55-65 minimum), because there is so much work to get done
All these items are what we would call “premiums” when determining a salary to offer. However, Tilray is so cheap that it doesn’t want to pay for any of those premiums. The salaries offered for the roles are 20%-30% lower than they should be. As a result, they couldn’t find any one to fill the roles. Even after turning to outside recruiting agencies, there was no luck, because people want to be paid for the premiums they bring to the table. The benefits also suck when compared to their competitors.
Without an appropriate accounting team, every time the Company enters into a significant transaction, they have to outsource the work to a Big 6 firm. Silly, isn’t it? For anyone who has actually worked in public accounting, you know that a Company with that issue is one to avoid at all costs. The auditors cannot even get through the audit because there is nobody at the client to do the accounting. It is also likely that their audit will be inspected by the PCAOB for fiscal year 2019 or 2020. That won’t end well since the deficiencies of their accounting process will come to light.
To further highlight the deficiencies in leadership, Tilray has decided in February 2020 to source accounting roles out of Seattle. So, we went from Seattle to Toronto and back to Seattle again. Additionally, to save on labor costs, the Company decided to amalgamate and remove certain roles. Anyone hired to fill any of Tilray's accounting roles is now expected to do the work of 2 or 3 individuals. They also downgraded the most technical accounting role to have it filled by a person with fewer years of experience.
The accounting function is the backbone of any company. If it doesn’t work or function (or in this case, doesn’t exist), then other aspects of the business start declining. It is pretty clear that the Company’s leadership issues start at the very top. Stay away from Tilray accounting roles. It isn’t that the company is a dumpster fire. It is simply A FIRE. “Dumpster fire” would imply that the fire is contained, and that is not the case at Tilray at all.
Also note, that HR "asked" employees to go on to glass door early 2020 to post positive reviews, which explains the spate of 5 star ratings that popped up online recently.
AVOID TILRAY AT ALL COSTS!
