Tilray Inc (NASDAQ: TLRY) shares are trading higher following news the company purchased a majority position in amended Medmen Enterprises Inc (OTC: MMNFF) convertible notes for about $165.8 million.
Irwin D. Simon, Tilray’s Chairman and CEO, said, “Backed by accelerating trends towards legalization globally, we are focused on building the world’s leading cannabis-focused consumer branded company with a goal of $4 billion of revenue by the end of our fiscal 2024.”
“The investment we are announcing in MedMen securities today, one of the most recognized brands in the $80 billion U.S. cannabis market, is a critical step towards delivering on our objective as we work to enable Tilray to lead the U.S. market when legalization allows,” Simon stated.
Tilray is a Canadian producer that cultivates and sells medical and recreational cannabis. In 2021, Aphria acquired legacy Tilray in a reverse merger and renamed itself Tilray. The bulk of the company’s sales are in Canada and in the international medical cannabis export market.
TLRY Price Action: The stock is trading higher by 4.2% to $13.67 after hours. Tilray has a 52-week high of $67 and a 52-week low of $4.41.
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