Tilray CEO Seeks Shareholder Approval For Dilution To Fuel Its Acquisitions Plans

Canadian cannabis giant Tilray, Inc. TLRY released a proxy statement with an open letter from the company’s CEO Irwin D. Simon, in which he called on shareholders to support a proposal to be discussed up at the upcoming annual shareholder meeting. Simon called on shareholders to support a proposal that will allow the company to increase the number of authorized shares of common stock, enabling it to make acquisitions for growth. He also asked shareholders to authorize several amendments and changes to the company’s organizational documents that would expand shareholders' rights.

‘From Potential To Performance’

 “We need your help to ensure Tilray grows – and to ensure YOU are able to participate in our success in a meaningful, constructive manner,” Simon wrote in the open letter. 

“Through our recent combination with Aphria Inc., we have ushered in a new era for the global cannabis industry. We now have the largest geographic footprint and leading cannabis-focused portfolio of consumer-packaged goods in the world. “

Simon stressed that the company needs shareholders' help in order to attract notable growth opportunities and to “go from potential to performance.”

Price Action 

Tilray’s shares were trading 1.56% lower at $18.34 per share at the time of writing. 

Photo by CRYSTALWEED cannabis on Unsplash