- Tilray Brands, Inc TLRY stock is plunging Friday after it disclosed plans to raise $150 million via a convertible senior notes offering.
- The session volume spiked to 36 million vs. the average 100-day volume of 11 million.
- Tilray said it will use a portion of the proceeds to finance the repurchase of its outstanding 5% convertible senior notes due in 2023 and 5.25% convertible senior notes due in 2024.
- Issuing convertible senior notes to pay off debt indicates the company's existing debt will be refinanced with new notes that will be converted to equity at a future date, which means a dilution for the existing shareholders.
- Tilray is a cannabis-lifestyle and consumer packaged goods company.
- The cannabis industry could get a boost from Senate Majority Leader Chuck Schumer's plans for reintroducing the Secure and Fair Enforcement (SAFE) Banking Act to provide cannabis businesses with access to essential banking infrastructure.
- Schumer also reiterated the crucial significance of incorporating criminal justice reform measures, including expungements, into a bipartisan marijuana banking bill.
- Schumer sought a committee vote on a marijuana banking bill and reiterated plans to attach criminal justice reform provisions to the financial services measure.
- Price Action: TLRY shares traded lower by 21.4% at $1.86 on the last check Friday.
- Photo via Wikimedia Commons
TLRYTilray Brands Inc
$0.492711.9%
Edge Rankings
Momentum
3.35
Growth
1.33
Quality
-
Value
80.81
Price Trend
Short
Medium
Long
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