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Tilray Inc
Symbol TLRY
Shares Issued 446,156,841
Close 2021-08-19 C$ 16.25
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Globe says Tilray postpones meeting again to gain votes

2021-08-20 08:00 ET - In the News

Also In the News (C-MMEN) Medmen Enterprises Inc

The Globe and Mail reports in its Friday edition that Tilray -- the Canadian cannabis player that recently announced a majority investment in American marijuana retailer Medmen Enterprises -- is struggling to win shareholder approval to raise more equity that it intends to use to finance the Medmen deal. The Globe's Vanmala Subramaniam writes that the Nanaimo, B.C., company had scheduled a special shareholder meeting on Thursday to vote on a proposal to issue new shares of Tilray, but abruptly postponed the meeting to Sept. 10 to give it more time to solicit favourable votes. The vote was initially scheduled for July 30. Tilray's Irwin Simon said his company has a large retail shareholder base with a high turnover, and getting shareholders to participate in the vote has been a challenge. Tilray, and other unnamed investors, struck a $165-million (U.S.) deal with Medmen on Tuesday to buy out its debt from debt holder Gotham Green Partners in exchange for a 21-per-cent equity stake in the California-based pot retailer if and when cannabis is federally legalized in the United States. That transaction closed. The company intends to pay for its portion of Medmen by issuing nine million new shares at $13 (U.S.) a share.

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