Retail

Cannabis company Tilray acquires majority stake in Medmen

0


Shares of Canadian cannabis company Tilray jumped nearly 5% in extended trading on Tuesday after announcing it acquired a majority stake in American cannabis retailer Medmen.

The investment provides Tilray with a retail foothold in the U.S., should cannabis be legalized at the federal level, while Medmen receives much-needed capital to keep its business afloat.

In the deal, Tilray and other investors acquired 75% of Medmen’s outstanding secured convertible notes and 65% of its outstanding warrants for $165.8 million. Once converted into stock, Tilray will have a significant stake in Medmen.

“What Medmen does for Tilray is that it gives us a great brand. Ultimately, once legalization…



Source cnbc.com

0 0 votes
Article Rating

Homebuilder stocks tumble, key level to watch

Previous article

Big Oil’s bid to lure back investors with cash could ultimately fail

Next article

You may also like

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

More in Retail