Tilray Launches $250M At-The-Market Program To Boost Acquisitions, Eyes Expansion With U.S. Cannabis Rescheduling

Tilray Brands, Inc. TLRY TLRY, a Canadian medical cannabis giant, announced Friday that it has filed a prospectus supplement with the U.S. Securities and Exchange Commission (SEC), under which it may offer and sell shares of its common stock having an aggregate offering value of up to $250 million from time to time through an at-the-market equity program.

Details Of ATM Program

Under the equity distribution agreement with TD Securities (USA) LLC and Jefferies LLC, Tilray will intermittently sell shares directly on the Nasdaq Global Select Market, among other platforms. This arrangement allows the sale of shares “at-the-market,” which implies sales at prevailing market prices. Such flexibility is crucial for Tilray, enabling it to capitalize opportunistically on market conditions without predefined timing or price constraints.

Stay ahead in the cannabis industry by joining industry leaders and experts at the upcoming Benzinga Cannabis Capital Conference in Chicago on Oct. 8-9. Get your tickets now before prices surge by following this link.

Purpose And Use Of Proceeds

The proceeds from this equity program are earmarked specifically for strategic investments and potentially lucrative acquisitions both in the U.S. and internationally. This proactive approach is particularly aimed at leveraging anticipated regulatory changes in the U.S. cannabis sector. Notably, the funds are not intended for general working capital but are targeted towards specific growth initiatives.

Read also: Weed Industry Celebrates Biden’s Rescheduling Move: ‘Most Monumental Cannabis Reform In Half A Century’

Legal And Investor Considerations

Investors and interested parties are advised to consult the prospectus supplement and accompanying documents filed with the SEC, accessible for free on the EDGAR system online. Physical copies can also be obtained from the managing firms, TD Securities and Jefferies, ensuring transparency and availability of all pertinent information.

TLRY Price Action
TLRY's shares were trading 4.72% lower at $2.02 per share at the time of this writing around 10 AM ET Friday.

Related News

• Weed Industry Celebrates Biden’s Rescheduling Move: ‘Most Monumental Cannabis Reform In Half A Century’
• Cannabis Shops Could Launch This Year In Germany For ‘Scientific Purposes,’ Here’s Why UK’s Medical Marijuana Sales Are Soaring