Reiterates Need for Stockholder Support in
Advance of Special Meeting
-- Stockholders Who Support the Plan Should
Vote Prior to the Special Stockholders Meeting on September 10
--
Tilray, Inc. (“Tilray” or the “Company”) (NASDAQ | TSX: TLRY), a
leading global cannabis-lifestyle and consumer packaged goods
company, today sent an open letter to shareholders from Irwin D.
Simon, Chairman and Chief Executive Officer. The letter details Mr.
Simon’s strategic vision and $4B revenue plan for the Company and
encourages all shareholders to
vote for initiatives in support of that vision and plan at Tilray’s
Special Meeting of Stockholders (the “Special Meeting”), which is
scheduled to be held on September 10, 2021.
The full text of the letter from Irwin D. Simon is copied
below:
Dear Fellow Tilray Shareholder,
When we announced the “new” Tilray in December of last year, we
were optimistic that we had the strategy, resources and leadership
to create the world’s leading cannabis-focused consumer brands
company. Together, we made a bold bet that:
- The strong trends towards cannabis legalization and broader
consumer reach in our three key markets – Canada, International and
the U.S. – would grow stronger;
- A management team with a track record of building and
sustaining value in the CPG wellness space was well positioned to
help grow a new leader in the cannabis sector; and
- A combination of well-defined organic growth initiatives
combined with acquisitions and partnerships would afford us a
unique opportunity to expand our business globally and grow
into the unquestioned industry leader, with $4B in revenue by the
end of our fiscal year 2024.
I want to be clear: our conviction in both the
opportunity and our ability to execute on these key growth plans
has never been stronger. But our ability to do so rests on the
support of our shareholders, from whom we have been seeking support
to get important proposals passed. Proposal 1, in
particular, would authorize Tilray to issue additional shares to
execute on attractive acquisitions and other growth avenues in our
M&A program. We need a majority of all the shares issued and
outstanding to vote in favor of Proposal 1 in order for it
to pass.
We have approximately 49% of our stock voting in favor –
but that is not enough! We need
to hit 50.1%. There are no shortcuts.
Why does it matter? As last week’s milestone transaction with
MedMen highlights, having the flexibility and resources to execute
on our core growth vectors (legalization, outstanding execution and
organic and inorganic growth) is absolutely essential. Only then
will our five key competitive differentiators drive lasting and
material shareholder value. These differentiators include:
- The industry’s broadest geographic footprint and operational
scale - Tilray now possesses 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 - We plan to
grow and strengthen our position as the #1 Canadian LP in total
sales on a consolidated basis. This is the foundation that will be
so essential to getting us from our current combined retail market
share in Canada of 16% to our goal of 30% share by fiscal year
2024.
- Tremendous international growth opportunities from a strong
base - The European Union, where we already have a very
meaningful presence, represents a powerful growth market, and could
be a $1 billion business for us in medical use alone. We will also
be ready for adult-use legalization when the time comes. Our
presence in the EU also allows us to grow our brands globally from
a base of 600 million people in the EU (nearly twice the population
of the U.S.).
- A leading U.S. CPG platform to be immediately leveraged for
cannabis products upon federal legalization - In the U.S., we
already have a strong consumer packaged goods presence and
infrastructure with two strategic pillars, SweetWater, the 11th
largest craft brewer in the nation and leading lifestyle brand, and
Manitoba Harvest, a pioneer in branded hemp, CBD and wellness
products, with access to 17,000 stores in North America. Together,
they are already $100-plus million businesses and quite profitable
– but still have enormous potential.
- Accretive acquisitions and other growth opportunities -
The investment we recently made in the outstanding senior secured
convertible notes of MedMen Enterprises Inc. (CSE: MMEN) (OTCQX:
MMNFF), is a critical step towards delivering on our objective as
we work to enable Tilray to lead the U.S. market when legalization
allows. MedMen is a premier American cannabis retailer and one of
the most recognized brands in the $80 billion U.S. cannabis market
with 21 cannabis licenses across key states.
Please continue to support Tilray and your investment in the
company by voting today on the vital shareholder proposals. You
should have received ballots by mail or email. If you have not, or
cannot find a ballot, please call our proxy solicitor and let them
help you. They can be reached at (833) 497-7395 toll-free in the
U.S. and Canada, or (203) 658-9400 elsewhere, or by email at
TLRY@info.morrowsodali.com.
Our plan is to continue to lead this industry, by growing larger
and faster than our competitors. We need your help to grow. Please
vote.
Sincerely,
Irwin D. Simon, Chairman and Chief Executive Officer
Tilray notes that both major independent proxy advisory firms,
ISS and Glass Lewis, have encouraged their investor clients to vote
FOR all proposals at the
upcoming Special Meeting of Stockholders.
HELP TILRAY GROW! VOTE “FOR” TODAY!
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 need for an
increase in authorized shares of common stock from 743,333,333
shares to 990,000,000 shares and the potential negative impacts to
the Company if the corresponding proposal is not approved; the
Company’s ability to become the world's leading cannabis-focused
consumer branded company with $4 billion of revenue by 2024; 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/20210826005695/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
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