Tilray Stockholders Approve Proposal to Increase Authorized Shares at Special Meeting
September 10 2021 - 11:30AM
Business Wire
Providing Company with Additional Shares to
Execute Against Strategic Plan to Accelerate Growth and Drive Value
Creation
Tilray, Inc. (“Tilray” or the “Company”) (NASDAQ | TSX: TLRY), a
leading global cannabis-lifestyle and consumer packaged goods
company, today announced that stockholders holding more than a
majority of its issued and outstanding shares of common stock have
approved an increase in the number of authorized shares of its
common stock.
Irwin D. Simon, Chairman and CEO, Tilray said: “We brought
together Tilray and Aphria less than five months ago with a clear
vision to create the world’s leading cannabis-focused consumer
brands company. Since that time, we have been laser focused on
capitalizing on the strength of our unparalleled geographic
footprint and operational scale to drive the performance of our
Company. Due to the support of our stockholders, Tilray now has the
resources we need to build on our momentum and execute on our
plans. We sincerely thank our stockholders for their investment in
the Company and we are committed to driving strong value creation
now and into the future.”
Building on Strong Momentum
Since the merger of Tilray and Aphria, which closed in May 2021,
the new Tilray has made substantial strides across its business, by
driving increased revenue through rapidly expanding its
international medical business, introducing a new medical brand in
Canada while increasing its share in that market, and making strong
progress towards its target of $80 million in synergies. The
Company also recently acquired a majority of the outstanding
convertible notes of MedMen Enterprises, Inc. (CSE: MMEN) (OTCQX:
MMNFF), the premier American cannabis retailer, enabling Tilray to
move quickly in harnessing the opportunity it has in the $80
billion U.S. cannabis market when federal legalization allows.
Executing on Strategic Growth Plan
With additional authorized shares, Tilray is now able to
accelerate its progress towards its goal of delivering $4 billion
in revenue by the end of fiscal 2024 by taking full advantage of
its competitive differentiators and executing on its strategy.
- The industry’s broadest geographic footprint and operational
scale – Tilray now possesses both the geographic footprint and
operational scale to emerge as a consolidator in the global
cannabis market.
- Leadership position in Canada, with a complete portfolio of
product offerings and carefully curated brands – Tilray plans
to further strengthen its position as the #1 Canadian LP in total
sales with the goal of increasing its retail market share from 16%
to 30% by the end of fiscal 2024.
- Tremendous international growth opportunities from a strong
base– Tilray is focused on further expanding its strong
presence in the European Union, which has two-times the population
of the U.S., with the goal of generating $1 billion in
revenue.
- A leading U.S. CPG platform to be immediately leveraged for
cannabis products upon federal legalization – Tilray currently
has a strong consumer packaged goods presence and infrastructure
with two strategic pillars, SweetWater, the 11th largest craft
brewer in the U.S., and Manitoba Harvest, a pioneer in branded
hemp, CBD and wellness products, with access to 17,000 stores in
North America. Together, they currently generate more than $100
million and are profitable, and have clear opportunity for
continued growth.
- Accretive acquisitions and other growth opportunities –
In addition to our recent acquisition of the majority of MedMen’s
convertible notes, the Company intends to actively pursue accretive
and strategic acquisition opportunities in the U.S., Canada, and
globally.
About Tilray
Tilray, Inc. is a leading global cannabis-lifestyle and consumer
packaged goods company with operations in Canada, the United
States, Europe, Australia, and Latin America that is changing
people’s lives for the better – one person at a time – by inspiring
and empowering the worldwide community to live their very best life
by providing them with products that meet the needs of their mind,
body, and soul and invoke a sense of wellbeing. Tilray’s mission is
to be the trusted partner for its patients and consumers by
providing them with a cultivated experience and health and
wellbeing through high-quality, differentiated brands and
innovative products. A pioneer in cannabis research, cultivation,
and distribution, Tilray’s unprecedented production platform
supports over 20 brands in over 20 countries, including
comprehensive cannabis offerings, hemp-based foods, and alcoholic
beverages.
For more information about Tilray, Inc., visit:
http://www.Tilray.com
Forward-Looking Statements
Certain statements in this communication that are not historical
facts constitute forward-looking information or forward-looking
statements (together, “forward-looking statements”) under Canadian
securities laws and within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, that are intended to
be subject to the “safe harbor” created by those sections and other
applicable laws. Forward-looking statements can be identified by
words such as “forecast,” “future,” “should,” “could,” “enable,”
“potential,” “contemplate,” “believe,” “anticipate,” “estimate,”
“plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and
the negative of these terms or similar expressions, although not
all forward-looking statements contain these identifying words.
Forward-looking statements include statements regarding our
intentions, beliefs, projections, outlook, analyses or current
expectations concerning, among other things, the Company’s ability
to become the world's leading cannabis-focused consumer branded
company with $4 billion of revenue by end of fiscal year 2024; the
Company’s ability to execute its strategic growth plan; the
Company’s plan to become the #1 Canadian LP in total sales on a
consolidated basis; the projected growth in the Company’s market
share and growth in the EU market. Certain material factors,
estimates, goals, projections or assumptions were used in drawing
the conclusions contained in the forward-looking statements
throughout this communication. Many factors could cause actual
results, performance or achievement to be materially different from
any forward-looking statements, and other risks and uncertainties
not presently known to the Company or that the Company deems
immaterial could also cause actual results or events to differ
materially from those expressed in the forward-looking statements
contained herein. For a more detailed discussion of these risks and
other factors, see Tilray’s most recently filed Annual Report on
Form 10-K (and other periodic reports filed with the SEC) of Tilray
made with applicable securities regulatory authorities and
available on SEDAR and EDGAR. The forward-looking statements
included in this communication are made as of the date of this
communication and the Company does not undertake any obligation to
publicly update such forward-looking statements to reflect new
information, subsequent events or otherwise unless required by
applicable securities laws.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210910005376/en/
For media inquiries, please contact: Berrin Noorata
news@tilray.com
For investor inquiries, please contact: Raphael Gross
203-682-8253 Raphael.Gross@icrinc.com
Tilray Brands (NASDAQ:TLRY)
Historical Stock Chart
From Aug 2024 to Sep 2024
Tilray Brands (NASDAQ:TLRY)
Historical Stock Chart
From Sep 2023 to Sep 2024