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SPD slightly ahead in the German election results so far. Keeping an eye on this!
Q1 FY 22 October 7, 2021 for Tilray
APPROVED, adding more today
It was crippy :)
Nice analysis at 5:52 for $TILRAY$$ from the Chart Guys
Love me some $$TILRAY$$
They keep sending me votes and I keep on voting YES
We are good $Tilray$ more deals coming..hopefully
Tilray Is Maintained at Outperform by Cantor Fitzgerald
Medmen without a doubt is a mess, products and organization. Simon will have to start from scratch so it looks like we bought licenses and an in on the U.S.A. That being said the synergy created from Tilray will make us a lot of $$$ imho
4:03p ET 8/17/2021 - BusinessWire
Tilray Acquires Majority Position in Amended MedMen Convertible Notes
Mentioned: TLRY
--Amendment and Extension of Convertible Notes Enables MedMen to Reshape Balance Sheet and Further Accelerate its Growth Trajectory
--Tilray and MedMen CEOs to Host a Conference Call and Webcast at 5:00 PM Eastern Time
Tilray, Inc. ("Tilray") (Nasdaq l TSX: TLRY), a leading global cannabis-lifestyle and consumer packaged goods company, and MedMen Enterprises Inc. ("MedMen") (CSE: MMEN) (OTCQX: MMNFF), a premier American cannabis retailer, today announced that Tilray has acquired the majority of the outstanding senior secured convertible notes (the "Notes") of MedMen that were originally held by certain funds affiliated with Gotham Green Partners, LLC and other funds (collectively, "GGP"). The acquisition provides Tilray with a path, subject to necessary regulatory approvals, to obtain a significant equity position in MedMen through conversion of the Notes and exercise of associated warrants (the "Warrants") following U.S. cannabis legalization (or Tilray's waiver of such condition).In connection with the sale of the Notes, MedMen and GGP amended the restrictive covenants and extended the debt maturity to 2028 to provide MedMen the flexibility to execute on its growth priorities and explore additional strategic opportunities. In addition, MedMen separately announced today a significant equity investment from a private placement of MedMen Shares (as defined below) and warrants to a group of investors.
MedMen is a leading cannabis retail brand in the U.S., holding 21 licenses and 25 retail locations across key urban centers, including the Bay Area, Los Angeles, Boston, Chicago, and Las Vegas, and a significant position in California, the world's largest market. Prior to U.S. federal legalization of cannabis, and subject to compliance with applicable laws and stock exchange rules, MedMen will actively explore opportunities to expand MedMen's footprint across international markets.
Irwin D. Simon, Tilray's Chairman and CEO, said, "Backed by accelerating trends towards legalization globally, we are focused on building the world's leading cannabis-focused consumer branded company with a goal of $4 billion of revenue by the end of our fiscal 2024. The investment we are announcing in MedMen securities today, one of the most recognized brands in the $80 billion U.S. cannabis market, is a critical step towards delivering on our objective as we work to enable Tilray to lead the U.S. market when legalization allows."
Mr. Simon continued, "Our ability to maximize value from this game-changing transaction rests on the support of our shareholders at the upcoming Special Meeting to vote on our Authorized Shares Proposal, which will increase the number of authorized shares Tilray has available to not only complete this transaction, but also to execute on other strategic acquisitions. I cannot stress enough the importance of making our shareholders' voices count to enable us to maximize our potential to create substantial value for our shareholders in the near-term and in the future."
Tom Lynch, MedMen's Chairman and CEO, added, "Our management team has spent the past 18 months executing a disciplined turnaround plan. We are grateful to our stakeholders for their patience and support as we worked to fix the business and rebuild trust and credibility. We believe that patience has paid off, as these efforts have succeeded in attracting partners who share our vision for building the world's most powerful cannabis retail brand. In addition, the proceeds from the private placement and amendments to the Notes, gives MedMen the cash and flexibility to match our revenue trajectory to our operational expertise and internationally renowned brand. MedMen 2.0 is here, and we are thrilled to embark on the next stage of our journey."
Transaction Overview
Under the terms of the transaction, a newly formed limited partnership (the "SPV") established by Tilray and other strategic investors acquired an aggregate principal amount of approximately U.S. $165.8 million of the Notes and the Warrants, all of which were originally issued by MedMen and held by GGP, representing 75% of the outstanding Notes and 65% of the outstanding Warrants. Tilray's interest in the SPV represents rights to 68% of the Notes and related Warrants held by the SPV, which are convertible into, and exercisable for, approximately 21% of the outstanding Class B subordinate voting shares of MedMen (the "MedMen Shares") upon closing of the transaction. Tilray's ability to convert the Notes and exercise the Warrants is dependent upon U.S. federal legalization of cannabis or Tilray's waiver of such requirement as well as any additional regulatory approvals. As consideration for Tilray's interest in the Notes and Warrants, and subject to Tilray receiving the stockholder approval necessary to increase the number of shares of its authorized capital stock, Tilray will issue approximately 9.0 million shares of its common stock to GGP; provided, however, that if Tilray has not received the stockholder approval by December 1, 2021, GGP may elect to receive cash rather than Tilray shares. Tilray's previously scheduled Special Meeting of Stockholders will be held this Thursday, August 19, 2021. MedMen did not receive any proceeds from the transfer of the Notes.
In connection with the transactions, the parties agreed to amend and restate (the "Amendment and Restatement") the facility governing the Notes (the "Facility") to, among other things, extend the maturity date to August 16, 2028, eliminate any cash interest obligations and instead provide for pay-in-kind interest, eliminate certain repricing provisions, and eliminate and revise certain restrictive covenants. Accrued pay-in-kind interest on the Notes will be convertible at price equal to the trailing 30-day volume weighted average price of the MedMen Shares, as and when such pay-in-kind interest becomes due and payable, subject to the maximum permitted discount under the rules of the Canadian Securities Exchange. The Notes held by holders on the date of the amendment and restatement may not be prepaid by MedMen until legalization of the general cultivation, distribution and possession of marijuana at the federal level in the United States or the removal of the regulation of such activities from the U.S. federal laws. Any such prepayment shall require at least six months' notice. If Notes are transferred following the date of the amendment and restatement (the "effective date"), such Notes may not be prepaid until the earlier of the third anniversary of the effective date or 90 days following the transfer of such Notes to such holders. Transfers of Notes will be permitted subject only to notice and compliance with securities laws. The Notes will also provide the holders of the Notes with a top-up right to acquire additional MedMen Shares and a pre-emptive right with respect to future financings of the Company, subject to certain exceptions, upon the issuance by MedMen of certain equity or equity-linked securities. No changes have been made to the conversion and exercise prices of the Notes or related Warrants.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act, and applicable state securities laws. The MedMen has agreed to provide customary registration rights to holders of the Notes with respect to the MedMen Shares underlying the Notes and related Warrants and the investors in the private placement.
For further transaction details, investors and security holders may obtain a copy of the
Nice news
Curaleaf earnings …should be interesting.
If it dips more you know I’ll be adding for sure.
Everyone wants some cheap shares :)
Awesome $$$TILRAY$$
October before merger yes
Tilray has adjourned its special meeting of shareholders until Aug. 19 to allow the company more time to solicit additional proxies. $TLRY
Good morning Tilraynians time
1:42p ET 7/28/2021 - MarketWatch
Tilray shares rocket 26% after it swings to a surprise profit and target of $4 billion in revenue by 2024
Shares of Canadian cannabis company Tilray Inc. jumped 26% Wednesday, after the company posted a surprise profit for its fiscal fourth quarter, in its first earnings report since it closed its merger with Aphria Inc. in May.
The newly combined company (TLRY), the world's biggest cannabis company measured by revenue, (https://www.marketwatch.com/story/tilray-and-aphria-merger-closes-and-creates-worlds-biggest-weed-company-by-revenue-11620064759) posted net income of $33.5 million for the quarter to May 31, or 18 cents a share, after a loss of $84.3 million, or 39 cents a share, in the year-earlier period.
Revenue rose to $142.2 million from $113.5 million a year ago.
The FactSet consensus was for a loss of 12 cents a share and revenue of $199 million, although at least one analyst, Cantor Fitzgerald's Pablo Zuanic, said ahead of the release that the consensus numbers appeared to offer an "apples to oranges" comparison. The numbers were based on 13 weeks of pre-merger Aphria numbers and four weeks of post-merger Tilray.
Chief Executive Irwin Simon said the company was happy to achieve a profit during a pandemic, with stores in Canada closed and much of Europe in shutdown.
"It's our intention to profitable and cash flow positive," he said. Tilray generated free cash flow of $3.3 million in the quarter.
Read now: Want to invest in U.S. pot stocks? Here's what you need to know (https://www.marketwatch.com/story/want-to-invest-in-u-s-pot-stocks-heres-what-you-need-to-know-11626437289?mod=cannabis-watch)
On a conference all with analysts, Simon set out a goal of achieving $4 billion of revenue by 2024, which assumes full legalization of cannabis in the U.S., along with organic growth, acquisitions and partnerships.
"Beyond what we have achieved over the last six months, our perseverance during COVID crisis itself lends further validation to the fact that this team knows how to pivot, execute and get results," he said, according to a FactSet transcript. "Consider at the highest level.. we lost well over $100 million in revenue as a result of retail store closures in COVID general impact. And yet, we immediately implemented cost saving measures, ultimately helping us build EBITDA to more than $40 million in 2021."
Cantor's Zuanic lauded the "ambitious vision" offered on the call, although he said the stock action may have more to do with a short squeeze. Tilray has become one of the "meme" stocks tracked closely by investors on Reddit forums. Still, the analyst reiterated his overweight rating on the stock, the equivalent of buy, and a $19 price target that's 19% above its current price.
Fourth-quarter revenue was boosted by 36% growth in cannabis revenue to $53.7 million, which included a 10% decline in distribution revenue, net beverage alcohol revenue of $15.9 million following the SweetWater acquisition on Nov. 25, 2020, and wellness revenue of $5.8 million from Manitoba Harvest, the company said in a statement.
Tilray's presence in the U.S. market is through SweetWater, a cannabis craft beer brewer, and Manitoba Harvest, a hemp, CBD and wellness products maker that has access to 17,000 stores in North America.
Tilray remained loss-making on a full-year basis, recording a loss of $336 million, wider than the loss of $100.8 million posted in fiscal 2020. The loss was driven by $63.6 million in transaction costs, following its merger with Aphria, and $170.5 million of non-cash unrealized loss on convertible bonds.
See now: Vertical Wellness becomes first house of CBD brands to hit public markets (https://www.marketwatch.com/story/vertical-wellness-becomes-first-house-of-cbd-brands-to-hit-public-markets-11624971628?mod=cannabis-watch)
The company has achieved $35 million in synergies on the Aphria deal and expects to reach its goal of about $80 million within 18 months of closing.
Other targets set for 2024 including growing the company's Canadian market share to 30% from about 16% currently, said Irwin.
"Strategic partnerships with provincial boards and retail partners, we have strong relationship with the provincial boards across the country and retailer partners," he told analysts. "We will continue to create merchandising and education platforms for bud tenders and consumers to drive brand loyalty to our portfolio. Both of these strategies will drive absolute growth in the Canadian market."
He conceded that Canadian legalization has not been the bonanza some had hoped, which he attributed to the fact that it was really "quasi-legalization." Restrictions on such activities as advertising have made it challenging to develop brands and brand loyalty and the company is lobbying the government to include medical cannabis in healthcare plans,
In the meantime, it is working to educate doctors on the benefits and safety of medical cannabis and its own investors, the vast majority of them retail investors, on its products.
"We're using that base to ensure they know our products. Why not buy the product and the stock?" he said. "We have to educate consumers about the benefits of adult-use cannabis too. There's still a lot of hesitancy."
Irwin is expecting the U.S. to legalize cannabis through some bill in the next two years and the company will look to expand the Manitoba business with a deal in the food area, and Sweetwater with a deal in alcohol or beverages, as well as to make option-based deals with a multistate operator, he said.
In the meantime, he is confident that some European companies will legalize before the U.S. and is expecting Germany, which has a large medical cannabis program, to be a leader.
See now: Tilray marks milestone German weed harvest and launches medical prescriptions drive (https://www.marketwatch.com/story/tilray-marks-milestone-german-weed-harvest-and-launches-medical-prescriptions-drive-11625683926?mod=cannabis-watch)
Tilray Swings To Profit In Latest Quarter, Sending Stock Up 5.9% Premarket -- MarketWatch
Mentioned: THCX TLRY
Shares of Canadian cannabis company Tilray Inc. (TLRY) jumped 5.9% in premarket trade Wednesday, after it swung to a profit in its fiscal fourth quarter. Tilray said it had net income of $33.5 million in the quarter to May 31, or 18 cents a share, after a loss of $84.3 million, or 39 cents a share, in the year-earlier period. Revenue rose to $142.2 million from $113.5 million a year ago. The FactSet consensus was for a loss of 12 cents a share and revenue of $199 million. Revenue was boosted by 36% growth in cannabis revenue to $53.7 million, which included four weeks of contribution from legacy-Tilray, a 10% decline in distribution revenue, net beverage alcohol revenue of $15.9 million following the SweetWater acquisition on November 25, 2020, and wellness revenue of $5.8 million from Manitoba Harvest, the company said in a statement. The company remained loss-making on a full-year basis, recording a loss of $336 million, wider than the loss of $100.8 million posted in fiscal 2020. The loss was driven by $63.6 million in transaction costs, following its merger with Aphria, and $170.5 million of non-cash unrealized loss on convertible bonds. The company has achieved $35 million in synergies on the Aphria deal and expects to reach its goal of about $80 million within 18 months of closing. U.S.-listed shares have gained 54% in the year to date, while the Cannabis ETF (THCX) has gained 17% to match the S&P 500's gain.
So happy I got more yesterday, I have to admit I did have little doubts before pressing purchase confirmed. $$$$TILRAY$$
Got me some cheapies this morning $$TILRAY$$
Tilray Is Maintained at Overweight by Cantor
2021-07-27 10:51:00 GMT DJ Tilray Price Target Cut to $19.00/Share From $24.00 by Cantor Fitzgerald
Just got the TD email to vote. Quick and easy.
A wise move imo, I will also proceed in that direction with my vote.