Tilray Stockholders Approve Increase In Number Of Shares To Help Drive $4B In Revenue, Stock Trades Down
Shares of cannabis giant Tilray Inc. (NASDAQ: TLRY) (TSX: TLRY) are trading down on Friday afternoon, after the company reported that its stockholders have approved an increase in the number of authorized shares of its common stock.
As such, the cannabis company said that with additional authorized shares, it can accelerate its progress toward its goal of delivering $4 billion in revenue, a goal Tilray CEO Irwin Simon told Benzinga it intended to achieve by the end of fiscal 2024. The company is also looking to increase its retail market share from 16% to 30% by FY24 end.
Merger Made In Heaven
Following its merger with Aphria (NASDAQ: APHA) (NASDAQ: APHA), 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 merger also made Tilray one of the largest cannabis companies in the world.
Tilray further intends to actively pursue accretive and strategic acquisition opportunities in the U.S., Canada, and globally, Simon said in a recent exclusive interview on Benzinga Cannabis Hour.
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