Canadian cannabis and beverage alcohol company Tilray Brands is preparing for marijuana reform in the U.S. with plans to raise up to $250 million through an at-the-market (ATM) equity program.
The net proceeds of the equity raise won’t be used for operating expenses, according to a news release, but rather “to fund strategic and accretive acquisitions or investments in businesses, including potential acquisitions of assets in the U.S. and internationally in order to capitalize on expected regulatory advancements or expansion opportunities.”
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Tilray share prices (TLRY on the Nasdaq and Toronto Stock Exchange) increased 11% over the past month in the wake of news that marijuana will likely be rescheduled from Schedule 1 to Schedule 3 in the Controlled Substances Act.
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