Here’s everything traders need to know about the news from TLRY and MMNFF.
- Tilray has acquired the majority of the outstanding senior secured convertible notes previously held by funds connected to Gotham Green Partners and others.
- This gives it the ability to redeem these notes for a significant stake in MedMen.
- That matters due to the connection between the two companies.
- Tilray is a major player in the Canadian cannabis market.
- It wants to expand its business into the U.S., which is where MMNFF comes into play.
- MedMen is a cannabis retailer in the U.S. that could open the way for TLRY in the country.
- It currently holds 21 retail licenses and operates 25 retail locations.
- However, Tilray wants to wait until marijuana is legalized before taking any major action.
- That’s why it’s currently sitting on the senior notes of MMNFF instead of just redeeming them.
Irwin Simon, chairman and CEO of Tilray, said the following about today’s news.
“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.”
TLRY stock was up 4.4% and MMNFF stock was up 18% as of Wednesday morning.
Of course, there’s plenty of other stock market news that investors will want to know about today.
Luckily, InvestorPlace has it covered with our daily deep dives into the stock market. That includes why PharmaCyte Biotech (NASDAQ:PMCB) is rocketing higher, the pre-market movers from this morning, as well as a quick reminder of yesterday’s biggest stories. You can find all of these topics at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.