Tilray Brands has some growth plans up its sleeve, and as usual, shareholder judgment and voting are of paramount importance. The global consumer products and lifestyle cannabis consumer goods company announced that it will proceed with those plans after shareholders officially approved an amendment to its Certificate of Incorporation.
The Certificate Amendment will provide for the cancellation of the authorized but unissued Class 1 common stock of the company at the effective time of the filing. In addition, it will also be used to reallocate such authorized shares to Class 2 common stock. According to Tilray, at the effective time of filing the Bylaw Amendment, the firm’s “Class 2 common shares” will be reclassified and designated as “common shares.”
“On behalf of our Board of Directors and management team, we thank our stockholders for their strong support of Tilray’s Charter Amendment and our strategic growth plan,” Irwin D. Simon, Tilray Brands’ chairman and CEO, said. “We are forging an entirely new kind of CPG company that is responsive to the times, aligned with consumers, and poised to deliver meaningful value over the coming years. Our confidence in Tilray Brands’ long-term potential to drive shareholder value is underpinned by proven results – achieved amid challenging market conditions – including the #1 cannabis market share position in Canada, the largest federally legal cannabis market in the world, leading medical cannabis market share in Germany and across Europe, and a leading US CPG and craft-beverage portfolio.”
Simon added that the team will continue to work day and night on the strategic plan for Tilray to become the most diversified leading CPG and lifestyle cannabis company in the world. As plans such as these are carried forward, the company will continue to constantly look for organic growth opportunities, as well as strategic and accretive acquisition opportunities not only in Canada but in the US and around the world.