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by Stockwatch Business Reporter
The S&P/TSX Cannabis Index lost 4.88 to 176.10, while the CSE Composite Index lost 1.48 to 705.33. The main newsmaker continued to be Tilray Inc. (TLRY), down 87 cents to $19.18 on 3.26 million shares. After releasing market-pleasing financials yesterday, the Canadian cannabis giant was likely hoping to score another victory today at a special shareholder meeting. Instead, just as the meeting was scheduled to begin, Tilray abruptly postponed it to Thursday, Aug. 19.
As discussed in past Cannabis Summaries, the purpose of the meeting is to seek shareholder approval to increase Tilray's maximum share count to 990 million from 743 million (relative to the 446 million shares currently outstanding). While dilutive, this would allow the company to "move quickly to seize the highly attractive acquisition and financing opportunities we see ahead," Tilray emphasized. It emphasized it again and again. Over the last month, the company has filed nearly 20 shareholder letters and other entreaties on SEDAR, all with some variation of "Tilray Needs Your Support! Help Tilray Grow!" It has also spent an untold sum to blanket Facebook, Twitter, Reddit and other websites with sponsored ads pushing the same message.
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