Tilray, the global leader in cannabis lifestyle and consumer products, announced late last week that during a special meeting, shareholders owning more than a majority of its issued and outstanding common stock approved an increase in the number of authorized shares of its common stock. It seems that the harmony between the company’s plans and the shareholders is increasingly emphasized, demonstrating good communication and understanding for the better development of Tilray.
Irwin D. Simon, president and CEO of Tilray, said that the idea of joining Aphria less than five months ago has gone a long way towards achieving its vision to create the leading global consumer goods company related to cannabis culture. “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,” Simon added.
It is no secret that since the merger of the two companies, the new Tilray has made substantial progress in its business, reaffirming why it is considered the leader and driving revenue through a rapid expansion of the international medical business. In recent updates, the company also filed the necessary paperwork to acquire the majority of the outstanding convertible notes of MedMen Enterprises, the leading US cannabis retailer. As a result of this move, Tilray has now been able to move quickly to take advantage of the opportunity it has in the $80 billion (target established through synergies) US cannabis once federal legalization permits.
Now that shareholders have agreed to the addition of more authorized shares, the company has the necessary gas to accelerate its goal of generating $4 billion in revenue by the end of fiscal 2024, executing on its strategy and taking full advantage of its competitive differentiators.