What's Going On With Tilray Brands Stock Friday

  • Tilray Brands, Inc TLRY stock is plunging Friday after it disclosed plans to raise $150 million via a convertible senior notes offering.
  • The session volume spiked to 36 million vs. the average 100-day volume of 11 million.
  • Tilray said it will use a portion of the proceeds to finance the repurchase of its outstanding 5% convertible senior notes due in 2023 and 5.25% convertible senior notes due in 2024.
  • Issuing convertible senior notes to pay off debt indicates the company's existing debt will be refinanced with new notes that will be converted to equity at a future date, which means a dilution for the existing shareholders.
  • Tilray is a cannabis-lifestyle and consumer packaged goods company.
  • The cannabis industry could get a boost from Senate Majority Leader Chuck Schumer's plans for reintroducing the Secure and Fair Enforcement (SAFE) Banking Act to provide cannabis businesses with access to essential banking infrastructure.
  • Schumer also reiterated the crucial significance of incorporating criminal justice reform measures, including expungements, into a bipartisan marijuana banking bill.
  • Schumer sought a committee vote on a marijuana banking bill and reiterated plans to attach criminal justice reform provisions to the financial services measure.
  • Price Action: TLRY shares traded lower by 21.4% at $1.86 on the last check Friday.
  • Photo via Wikimedia Commons
Posted In: CannabisNewsPenny StocksOfferingsSmall CapMarketsMoversBriefswhy it's moving

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