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by Stockwatch Business Reporter
The S&P/TSX Cannabis Index lost 3.45 to 147.76, while the CSE Composite Index lost 9.70 to 644.73. Canadian cannabis grower Tilray Inc. (TLRY) lost 51 cents to $15.76 on 1.46 million shares. Despite the drop, management was surely in a cheerful mood, having just snatched a long-desired victory. It convinced shareholders this morning to approve an increase to its maximum authorized share count.
This morning's special meeting was the fourth one that Tilray tried to hold to get this proposal through. It first asked shareholders in April -- at the same time that it asked them to approve its merger with Aphria -- to increase its maximum allowable share count to 900 million from 743 million. (There are currently 446 million shares outstanding.) Shareholders approved the Aphria merger but rejected the share increase. Tilray scheduled another meeting for July, this timely solely focused on the share increase, which now proposed hiking the maximum to 990 million. Insufficient support prompted it to adjourn that meeting to Aug. 19 and then again to Sept. 10 (today). After months of effort, and dozens upon dozens of entreaties littering its SEDAR profile, Tilray has finally talked shareholders around.
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