Tilray Brands Down 7% After Stock-Sale News

Dow Jones05-18

By Josh Beckerman

Tilray Brands shares dropped Friday after the cannabis company said it may sell up to $250 million of stock.

The stock was recently trading down 7% at $1.96 and is down about 14% this year.

Tilray intends to use the potential proceeds from the at-the-market program for acquisitions and accelerating expansion when the U.S. rescheduling of marijuana becomes effective.

On Thursday, the Justice Department submitted a proposed regulation to reschedule marijuana under the Controlled Substances Act.

Shares of cannabis companies rose in late April following an Associated Press report that the Drug Enforcement Administration was moving to reclassify marijuana to Schedule III from Schedule I.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

May 17, 2024 12:58 ET (16:58 GMT)

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