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

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