Tilray Brands Inc (NASDAQ:TLRY) shares are trading lower and trending on Monday. Here’s a look at what’s going on.
What To Know: Tilray announced that it closed its previously-announced all-cash transaction with Anheuser-Busch Inbev SA (NYSE:BUD). The company has officially acquired eight beer and beverage brands and the breweries and brewpubs associated with them from Anheuser-Busch.
“Tilray’s diversified growth strategy is a purposeful and strategic adaptation to current market realities given delayed federal cannabis legalization in the U.S.,” said Irwin Simon, chairman and CEO of Tilray.
“When federal cannabis legalization does happen, we believe that Tilray will be ready to dominate as a leading global CPG company with the resources, infrastructure and operations, distribution, brands, sales, and marketing know-how to lead the revolution of cannabis CPG in the mainstream.”
MediPharm Labs also entered into a settlement agreement on Sept. 29 to resolve a commercial agreement dispute with HEXO Corp, which was acquired by Tilray earlier this year. MediPharm is set to receive $9 million in total considerations including a $3 million cash payment and $4.5 million in TIlray stock.
Tilray is scheduled to report fiscal first-quarter financial results on Oct. 4. The company is expected to report a loss of 4 cents per share on quarterly revenue of $174 million, according to estimates from Benzinga Pro.
See Also: Tilray Ramps Up Innovation With New Flower Offerings & Infused Pre-Roll Lineup, Here’s Where To Find Them
TLRY Price Action: Tilray shares were down 2.3% at $2.34 at the time of publication, according to Benzinga Pro.
Photo: Alissa De Leva from Pixabay.
