Tilray, Inc. (NASDAQ: TLRY) is engaged in the research, cultivation, processing, and distribution of medical cannabis. Shares surged 27.75% through early trading on Friday, January 11, 2019. Over the past three months, Tilray has seen an average daily volume of 2.69 million shares. However, through Friday morning, already 6.85 million shares have traded hands, equating to $703.84 million in dollar volume.
Shares surged Friday morning after Privateer Holdings, Inc. announced it does not plan to “register, sell, or distribute” its shares of Tilray “when the lock-up expires next week.” Privateer Holdings, “the world’s first and leading private equity firm investing exclusively in the emerging legal cannabis industry”, currently holds 75 million shares of Tilray. Michael Blue, Managing Partner of Privateer Holdings, commented, “Privateer Holdings strongly believes in Tilray’s long-term global growth strategy and pioneering role in shaping the future of the legal cannabis industry.” Here is the full press release detailing Privateer Holdings statement regarding Tilray:
Tilray, Inc. Press Release:
Privateer Holdings Inc. (Privateer), the world’s first and leading private equity firm investing exclusively in the emerging legal cannabis industry, today issued the following statement, strongly emphasizing that it does not have plans to register, sell or distribute the 75 million shares that Privateer owns in Tilray, Inc. (TLRY) when the lock-up expires next week.
Statement from Michael Blue, Managing Partner of Privateer Holdings, in response to market speculation regarding its Tilray shareholding:
“Privateer Holdings strongly believes in Tilray’s long-term global growth strategy and pioneering role in shaping the future of the legal cannabis industry. Given this, we do not have plans to register, sell or distribute the shares Privateer holds in Tilray during the first half of 2019. When we decide to distribute shares, we will do so in an orderly and deliberate manner to maximize tax-efficiency considerations for Privateer investors, while also taking into consideration potential impacts on Tilray’s public float. And we will do it in a way that reflects our long-term confidence in Tilray’s business model and management team.”
ABOUT PRIVATEER HOLDINGS INC.
Privateer Holdings is the world’s first private equity firm to invest exclusively in legal cannabis. The Privateer Holdings team has raised $200 million to invest in cannabis brands. Learn more at www.privateerholdings.com.
Article By: Andrew Rego