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.