DOCSLIB.ORG

Cannabis Practice Group

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Cannabis Practice Group Cannabis Practice Group McMillan LLP | Vancouver | Calgary | Toronto | Ottawa | Montréal | Hong KongCannabis | mcmillan.ca Practice Group 1 The regulated cannabis industry is booming and McMillan is at the forefront of developments in this industry. With one of the largest and most experienced industry groups in Canada, we can help you achieve success. 2 McMillan LLP McMillan’s leading you with valuable legal solutions for financing, accessing public markets, licensing and Cannabis Practice regulation, employment law and workplace issues, mergers and acquisitions, tax Group provides structuring and intellectual property matters, innovative and practical whether you are just entering the market or already established. solutions to clients in the cannabis industry. We help our clients succeed by: • Structuring financing arrangements through private equity, public markets, and venture capital; The cannabis industry is quickly evolving in Canada, amid a complex and rapidly • Navigating the complex cannabis regulatory changing regulatory scheme, and McMillan is system; at the leading edge of these developments. • Assisting with regulatory approvals; McMillan’s Cannabis Practice Group, one of the largest groups of its kind in Canada, • Advising on mergers, acquisitions and works closely with a wide range of industry divestitures; participants, including licensed producers, • Assisting with labeling, advertising and retailers, investors, technology and other distribution matters; service providers, to help them succeed in the cannabis industry. • Drafting comprehensive employment agreements and workplace policies in Our group is made up of experienced compliance with applicable laws; professionals with significant in-depth • Advising on tax matters; and knowledge. We understand the laws, regulations and business landscape of • Assisting with patents, trademarks, licensing, Canada’s cannabis industry, and can provide outsourcing and strategic alliances. Cannabis Practice Group 3 Areas of Practice We closely collaborate with our firm’s corporate, securities, labour and employment, regulatory, intellectual property, tax, and government relations practices to provide you with the comprehensive solutions you need to help you to deal with whatever comes your way. Business and Labour and Regulatory and Capital Markets Employment Licensing As a leading corporate finance, We regularly advise clients on all The cannabis industry is complex, mergers and acquisitions, and aspects of provincial and federal and regulations govern virtually project finance firm, we advise employment and labour law. every activity. The opportunities cannabis companies of all sizes. We deliver practical counsel that are significant, but so too are We deliver an integrated group is focused on protecting your the challenges. Our lawyers of services to meet your business interests while adhering to the combine a thorough knowledge objectives securely and with laws that govern workplace of the applicable cannabis laws minimum liability, from advising relationships. While our focus is on and regulations with a passion on day-to-day business matters, helping implement employment for helping our clients achieve to structuring, negotiation and labour relations practices market success. We guide clients and closing complex mergers, that minimize potential conflict, through the Cannabis Act (Canada) acquisitions and financings, we recognize that disputes are licensing process, and routinely and public and private offerings often unavoidable. When they advise on compliance issues, of debt and equity securities. do happen, we provide you with such as labeling, advertising, Our understanding of the strong, effective representation that distribution, import and export regulatory landscape, and our advocates for your best interests, matters. relationships with regulatory and have represented clients at bodies and exchanges, help us all levels of provincial and federal deliver unmatched value to our courts, human rights tribunals, clients. We understand that every labour relations boards, arbitration, transaction is important to our and government administrative clients, no matter how large or bodies. small. We listen to your needs and apply our experience, expertise, and commitment to help you achieve your objectives. 4 McMillan LLP Intellectual Property Tax McMillan Vantage As one of the leading intellectual McMillan’s tax lawyers provide tax McMillan Vantage, a strategic property practices in Canada, we advice on all manner of financings, partnership with McMillan LLP, is a can help you properly leverage mergers and acquisitions, corporate full-service national public relations and protect your intellectual reorganizations including spin- group. The first of its kind in Canada, property. We craft sound outs, and international transactions the McMillan Vantage team is made intellectual property protection pertaining to the cannabis industry. up of a group of experts who and enforcement strategies that Our Tax Group includes individuals understand how governments work. help our clients maximize the who have been recognized The team brings a sophisticated value of their critical intangible internationally as leading tax approach to public affairs analysis, assets. Our lawyers, patent and advisors, and our tax lawyers work and is skilled at helping companies trademark agents, scientific seamlessly with our Cannabis navigate through rapidly changing consultants and law clerks bring Practice Group to provide advice as regulatory environments. the strong technical expertise part of a comprehensive solution. required for a deep understanding of the industry and the intellectual property that our clients are protecting. We have the depth of experience and expertise to assist clients with all of their intellectual property needs. We help you advance your priorities, We are experienced in all areas while reducing your uncertainty and of trademark work, including limiting your risk, and make you more pre-clearance, opposition competitive in the cannabis industry. and prosecution of trademark applications both in Canada and the United States, and have a network of foreign associates to file and prosecute foreign trademark applications internationally. Cannabis Practice Group 5 Representative Matters The first public Capital Markets and M&A company-to The largest public company acquisition involving M&A deal in the • Aurora Cannabis Inc. in its • Aurora Cannabis Inc. in its Cannabis sector US cannabis assets. US$2.5 billion (CAD$3.2 billion) acquisition of a 25% stake in to date in all of Canada. acquisition of MedReleaf Corp. Liquor Stores N.A. Ltd. valued at • Aurora Cannabis Inc. in its $140 million. US$950 million (CAD $1.23 • Canaccord Genuity in • iAnthus Capital Holdings Inc. billion) acquisition of CanniMed connection with the financing in its $835 million acquisition of Therapeutics Inc. for Astar Minerals Ltd. MPX Bioceutical Corporation. • Aurora Cannabis Inc. in its • Cannex Capital Group Inc. in • iAnthus Capital Holdings $175 million acquisition of connection with its acquisition Inc. in connection with a $20 Whistler Medical Marijuana Corp. by Arco Resources Corp. million bought deal private placement of 8% unsecured • Aurora Cannabis Inc. in its • Cannex Capital Group Inc. convertible debentures. $290 million acquisition of ICC in connection with Gotham Labs Inc. Green Partners LLC’s strategic • iAnthus Capital Holdings Inc. in connection with a $20 • Aurora Cannabis Inc. in its US$32 million investment in the million bought deal short form $118 million acquisition of company. prospectus and concurrent $1.5 Anandia Laboratories Inc. • Cannex Capital Group Inc. million non-brokered private in connection with its $36 • Aurora Cannabis Inc. in the placement. The financing was million acquisition of BrightLeaf spin-off of its Australis Capital the first bought deal offering to Development LLC (BLD). subsidiary as a separate entity be completed on the Canadian that would focus primarily on • Cannex Capital Group Inc. in Securities Exchange. investing in the US cannabis and connection with its $48.2 million • iAnthus Capital Holdings real estate sectors. subscription receipt offering. The largest Inc. in connection with a $5.8 traditional debt • Aurora Cannabis Inc. in • Counsel for various capital pool million asset acquisition. facility in the connection with a $250 million companies (TSX-V) in connection cannabis industry • iAnthus Capital debt facility with the Bank of with a qualifying transaction and to date. Management, LLC in its Montreal. associated financings. reverse merger with Genarca • Aurora Cannabis Inc. in • Emblem Corp. in connection Holdings Ltd. and concurrent connection with a $15 million with its qualifying transaction name change to iAnthus convertible debenture offering. by way of a three-cornered Capital Holdings, Inc. amalgamation. • Aurora Cannabis Inc. in • iAnthus Capital Holdings connection with a $23 million • Ebbu Inc. in connection with Inc. in connection with a $50 convertible debenture offering. the sale of its assets to Canopy million financing ($40 million • Aurora Cannabis Inc. in Growth Corp for US$330 debt and US$10 million equity). million. connection with a $60 million • Ignite International Ltd. bought deal private placement. • Harvest One Cannabis Inc. (formerly Vulcan Enterprises • Aurora Cannabis Inc. in in connection with its acquisition US, Ltd.) in connection with its connection with a $75 million of United Greeneries Holdings
Load more

Recommended publications
  • Pioneering the Future of Global Cannabis June 2020
    Pioneering the Future of Global Cannabis June 2020 ©2020 TILRAY Disclaimer Investors and prospective investors should rely only on the information contained in the continuous expected; that adverse changes or developments affecting the Company’s main or planned facilities may Although management has attempted to identify important risk factors that could cause actual results to disclosure filings (the “Filings”) of Tilray Inc. (the “Company”). This presentation is qualified in its entirety have an adverse effect on the Company; that the medical cannabis industry and market may not continue differ materially from those contained in the forward-looking information in this presentation, there may by reference to, and must be read in conjunction with, the information contained in the Filings. An investor to exist or develop as anticipated or the Company may not be able to succeed in this market; that the be other risk factors not presently known to the Company or that the Company presently believes are not or prospective investor is not entitled to rely on parts of the information contained in this presentation to Company has a limited operating history and a history of net losses and that it may not achieve or maintain material that could also cause actual results or future events to differ materially from those expressed in the exclusion of others, and the Company is not authorized to provide different or additional information. profitability in the future; risks related to the Company’s current or proposed international operations; risks such forward-looking information in this presentation. There can be no assurance that such information Unless otherwise specified, all monetary amounts in this presentation are in United States dollars.
    [Show full text]
  • Tilray Inc - Class 2 Annual Report 2021
    Tilray Inc - Class 2 Annual Report 2021 Form 10-K (NASDAQ:TLRY) Published: July 28th, 2021 PDF generated by stocklight.com UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended May 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-38594 TILRAY, INC. (Exact name of Registrant as specified in its Charter) Delaware 82-4310622 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 655 Madison Avenue, Suite 1900 New York, NY 10065 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: ( 844) 845-7291 Securities registered pursuant to Section 12(b) of the Act: Trading Title of each class Symbol(s) Name of each exchange on which registered Common Stock, $0.0001 par value per share TLRY The Nasdaq Stock Market LLC The Nasdaq Global Select Market Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES ☒ NO ☐ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. YES ☐ NO ☒ Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
    [Show full text]
  • Tilray Annual Report 2020
    Tilray Annual Report 2020 Form 10-K (NASDAQ:TLRY) Published: March 2nd, 2020 PDF generated by stocklight.com UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-38594 TILRAY, INC. (Exact name of Registrant as specified in its Charter) Delaware 82-4310622 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1100 Maughan Road Nanaimo, BC V9X IJ2 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: ( 844) 845-7291 Securities registered pursuant to Section 12(b) of the Act: Trading Title of each class Symbol(s) Name of each exchange on which registered Class 2 Common Stock, $0.0001 par value per share TLRY The Nasdaq Stock Market LLC The Nasdaq Global Select Market Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES ☒ NO ☐ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. YES ☐ NO ☒ Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
    [Show full text]
  • Vote for the Business Combination of Aphria And
    VOTE FOR THE BUSINESS COMBINATION OF APHRIA AND TILRAY TO CREATE THE LARGEST GLOBAL CANNABIS COMPANY March 12, 2021 Dear Aphria Shareholders and Tilray Stockholders: We are excited to invite you to attend the special meeting of shareholders (the ‘‘Aphria Meeting’’) of Aphria Inc. (‘‘Aphria’’) and the special meeting of the stockholders (the ‘‘Tilray Meeting’’) of Tilray, Inc. (‘‘Tilray’’), to approve the proposed business combination between the two companies (the ‘‘Transaction’’). The Aphria Meeting will take place via live audio webcast at www.virtualshareholdermeeting.com/APHA2021 on April 14, 2021 at 4:00 pm (Eastern time) and the Tilray Meeting will take place via live audio webcast at www.virtualshareholdermeeting.com/TLRY2021SM, on April 16, 2021 at 11:00 a.m. (Eastern time). YOUR VOTE IS IMPORTANT. Whether or not you expect to attend the Aphria Meeting or the Tilray Meeting virtually, please submit your vote as soon as possible. We urge you to read the enclosed materials carefully and to promptly vote by following the instructions in the enclosed materials. We thank you for your consideration and continued support. Sincerely, Irwin D. Simon Brendan Kennedy Chief Executive Officer and Chair of the President, Chief Executive Officer, and Chair of Board of Directors of Aphria Inc. the Board of Directors of Tilray, Inc. EXECUTIVE SUMMARY TRANSACTION DETAILS The transaction (the ‘‘Transaction’’) is to be completed pursuant to an arrangement (the ‘‘Arrangement’’) under the Business Corporations Act (Ontario). Under the terms of the Arrangement, shareholders of Aphria will receive 0.8381 of a share of Tilray common stock for each Aphria share held.
    [Show full text]
  • Tilray & Aphria Announce Closing of Transaction That Creates the “New
    Tilray & Aphria Announce Closing of Transaction That Creates the “New” Tilray – a Global Cannabis Leader May 3, 2021 Operational Efficiencies Expected to Generate Approximately US$81 Million Annual Pre-Tax Cost-Saving Synergies for New Tilray Within Eighteen Months Irwin D. Simon, Aphria’s Chairman and CEO, will Lead the New Tilray and Has Appointed New Executive Leadership Team; New Members of the Board of Directors Also Appointed New Tilray Poised to Transform the Global Cannabis Industry as a Consumer Packaged Goods Powerhouse with a Diversified Portfolio of Leading Brands Renewed Financial Strength to Drive Accelerated Growth Strategy and Sustained Profitability Tilray’s Shares Will Continue Trading on the NASDAQ Under Symbol “TLRY”; Starting May 5, 2021, Tilray’s Shares Will Commence Trading on the Toronto Stock Exchange Under Symbol “TLRY” NEW YORK & LEAMINGTON, Ontario--(BUSINESS WIRE)--May 3, 2021-- Tilray, Inc. (“Tilray”) and Aphria Inc. (“Aphria”) today announced the completion of the previously announced business combination, ushering in a new era in the global cannabis industry. The combined company, which will operate as Tilray (the “Company”), brings together two highly complementary businesses to create the leading cannabis-focused consumer packaged goods (“CPG”) company with the largest global geographic footprint in the industry . The combined company had a market cap of approximately US$8.2 billion based on the closing stock prices on April 30, 2021. The Company’s class 2 common stock (“Tilray Shares”) will continue to trade on the Nasdaq Global Select Exchange under the ticker symbol “TLRY” and will commence trading on the Toronto Stock Exchange under the ticker symbol “TLRY” on May 5, 2021.
    [Show full text]
  • Growing Hemp for Grain Lamont County 2020 Outline • Hemp Food Industry Overview • Market Trends • Quality • Agronomy • Economics
    Growing Hemp for Grain Lamont County 2020 Outline • Hemp Food Industry Overview • Market trends • Quality • Agronomy • Economics Fresh Hemp Foods – A Tale of Two Companies Hemp Oil Canada Facility, Ste. Agathe, MB Multiple Uses A Broad Array of Products for Multiple Needs Hemp in the Marketplace Cereal/ Granola Snacks Bulk Section Frozen Non Dairy Bev Sports Nutrition Hemp Distribution 2019 – Tilray Inc. Purchases Fresh Hemp Foods • Presence in 12 countries, 5 continents • 3 Divisions • Medical Cannabis • Adult Recreational Cannabis • Health Foods and Natural Health Products Market Trends News From CHTA – 2019 Exports • 18,639 tonnes • $112 Million (16% increase) • 33 countries • USA ($102M), S.Korea ($1.6M), Netherlands ($1.4M) • Net Exports: $109 Million (15% increase) USA Trends • 2018 Farm Bill – legalizes hemp * Includes greenhouse Agronomics Farm Operations • Contract acres • Agronomic advice • Seed Genetics • Quality • Seed cleaner audits • Logistics and transportation • Grower payment • Research & Development of Best Management Practices Licensing • Controlled by Health Canada • Certified seed only • Low THC • All growers licensed • GPS coordinates required • Subject to inspection A good hemp crop starts with a proper seed bed Seeding ▪ 28 to 30 pounds per acre ▪ 100 to 125 seedlings per m2 ▪ Seed shallow (1-2 cm) ▪ Warm soil ▪ Pack to ensure soil contact ▪ Similar management to canola ▪ Seed costs ▪ Fertility Fertility - Organic Weed Management: Inter-row cultivation Canopy Closure – competitive exclusion Disease • Few diseases
    [Show full text]
  • Dear Aphria Shareholders, Vote for the Business Combination of Aphria and Tilray to Create the Ote Largest Global Cannabis Company
    IMPORTANT NOTICE Dear Aphria Shareholders, vote FOR the business combination of Aphria and Tilray to create the ote largest global cannabis company. STRATEGIC RATIONALE Aphria’s Board of Directors unanimously recommends that shareholders vote FOR the transaction. The Board firmly believes that, at this stage of development and expansion of the global cannabis market, those companies with financial strength and leading geographic scale, product range and brand expertise are most likely to succeed in the long-term. Further, the Boards of Directors of both companies believe that the combination of Aphria and Tilray is expected to unlock significant shareholder value as follows: To meet demand, the combined company will The combination of Aphria and Tilray will create the have state-of-the-art cultivation, processing and world’s largest global cannabis company with pro forma manufacturing facilities, as well as a complete revenue of US$685 million (C$874 million)1. portfolio of branded cannabis 2.0 products to strengthen its leadership position in Canada. In the United States, the combined company will have a strong consumer packaged goods presence and In the event of federal permissibility in the United infrastructure with two strategic pillars, including States, the combined company expects to be well- SweetWater Brewing Company, LLC, a leading cannabis positioned to compete in the U.S. cannabis market lifestyle branded craft brewer, and Manitoba Harvest given its existing strong brands and distribution system USA, LLC, a pioneer in branded hemp, CBD and in addition to its track record of growth in consumer- wellness products with access to 17,000 stores in North packaged goods and cannabis products.
    [Show full text]
  • Legalized Medical Cannabis
    LeadershipLeadership Team team Management Ehud Barak Alex Rabinovitch Amos Cohen Rami Levy Moshe Gavrilov Chairman CEO CFO COO CMO Former Prime Minister of Israel More than 20 years of business Former CFO at Trendline (TREN.TA) 20+ years of lead management 18-year career at Teva and M&A experience, spanning and VP of Finance at Walla from and operational experience Pharmaceuticals in executive 36-year career in the IDF, having various domestic and international Bezeq group, the largest Israeli at Netafim, the largest Israeli sales and marketing positions served as General Commander leader and operating roles communications company aggrotech company, expanding where he established distribution global operations development channels in emerging markets to more than 190 territories Medical Advisory Board (select members) Subversive Capital SUBVERSIVE CAPITAL SUBVERSIVE CAPITAL Prof. Zvi Bentwich Prof. Eitan Friedman Michael Auerbach Leland Hensch MD, PhD MD, PhD Founder Director Professor of Microbiology, Immunology Director and founder of the Suzanne Founder of Subversive Capital, General Partner of CFO and Director of Subversive’s SVX SPAC and and Genetics, and head of the Center Levy - Gertner Oncogenetics Unit, Subversive’s venture platform, Chairman and CEO of SVX General Partner of Subversive Capital Opportunity Fund for Emerging Tropical Diseases and Sheba Medical Center AIDS, at Ben Gurion University Previously, a seed investor in Privateer Former Goldman Sachs Equity Partner Holdings and Tilray board member based in New York and London
    [Show full text]
  • In the Court of Chancery of the State of Delaware in Re
    IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE IN RE TILRAY, INC. Consolidated REORGANIZATION LITIGATION C.A. No. 2020-0137-KSJM MEMORANDUM OPINION Date Submitted: February 5, 2021 Date Decided: June 1, 2021 Peter B. Andrews, Craig J. Springer, Jessica Zeldin, David M. Sborz, ANDREWS & SPRINGER LLC, Wilmington, DE; Gregory V. Varallo, BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP, Wilmington, DE; Jeffrey M. Gorris, Christopher M. Foulds, FRIEDLANDER & GORRIS, P.A., Wilmington, DE; Jeremy S. Friedman, David F.E. Tejtel, FRIEDMAN OSTER & TEJTEL PLLC, Bedford Hills, NY; Mark Lebovitch, David Wales, Andrew Blumberg, BERNSTEIN LITOWITZ BERGER & GROSSMAN LLP, New York, NY; D. Seamus Kaskela, KASKELA LAW LLC, Newtown Square, PA; Counsel for Plaintiffs. Michael A. Pittenger, Matthew F. Davis, David A. Seal, Caneel Radinson-Blasucci, POTTER ANDERSON & CORROON LLP, Wilmington, DE; Counsel for Nominal Defendant Tilray, Inc. Michael P. Kelly, Daniel M. Silver, Sarah E. Delia, MCCARTER & ENGLISH, LLP, Wilmington, DE; Counsel for Defendants Brendan Kennedy and Privateer Evolution, LLC. Carl N. Kunz, III, K. Tyler O’Connell, Albert J. Carroll, MORRIS JAMES LLP, Wilmington, DE; Ronald L. Berenstain, Sean C. Knowles, PERKINS COIE LLP, Seattle, WA; Counsel for Defendants Christian Groh and Michael Blue. Susan W. Waesco, John P. DiTomo, Daniel T. Menken, MORRIS, NICHOLS, ARSHT & TUNNELL LLP, Wilmington, DE; Counsel for Defendant Maryscott Greenwood. Blake Rohrbacher, Matthew W. Murphy, Elizabeth A. Heise, RICHARDS, LAYTON & FINGER, P.A., Wilmington, DE; Counsel for Defendant Michael Auerbach. McCORMICK, C. Bucking the advice of Keep Your Day Job, to “keep [your day job] on ice while you’re lining up your long shot,”1 three friends quit their jobs nearly a decade ago to capitalize on the expansion of the legal cannabis industry.
    [Show full text]
  • Tilray: Next in Line in a Budding Cannabis Industry Target Price of $45/Share
    Aug 15, 2018 Tilray: Next in line in a Budding Cannabis Industry Target Price of $45/share Today is a Turning Point in the Cannibas Inc.- Let the big money flow in On Jan 3, 2018, Citron predicted that Aurora Cannabis would fall from the then $14 to $6.50. It currently trades at $6.19. Today we state that you would have to be ‘high’ to short any of the marijuana names based on the recent investment by Constellation in to Canopy Growth, the largest investment in the space ($4bn). The premium paid to market shows confidence by Constellation that could rattle any short seller. The opportunity now lies in finding the next company to get a white knight at a premium to market and to Citron that answer is easy- Tilray. Citron believes that Tilray is best in class and if it were to get the same multiple we are assigning to Canopy, the stock would be trading at $45 a share. A potential seems imminent as less than two weeks ago, Tilray CEO Brendan Kennedy, stated in an analyst discussion on Reddit. “You’re already seeing Fortune 500 companies do deals in the space and I think you’ll see more as the year progresses. We may be a year or two away from an acquisition, but continue to believe it’s inevitable” --- Brendan Kennedy (CEO), early August 2018 Here are a few points why we believe Tilray will be the next ‘pot stock’ to go much “high[er]” • Best in Class Investors: Peter Thiel and Farallon Capital ($20bn fund) • Strategic Partnerships: The only cannabis company in bed with big pharma (Novartis).
    [Show full text]
  • Tilray Acquires Majority Position in Amended Medmen Convertible Notes
    Logo NEWS RELEASE Tilray Acquires Majority Position in Amended MedMen Convertible Notes 8/17/2021 Investment Provides Tilray a Potential Accelerated Path into U.S. Cannabis Market Upon Federal Legalization 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 NEW YORK & LOS ANGELES--(BUSINESS WIRE)-- 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 aliated 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 signicant 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 exibility to execute on its growth priorities and explore additional strategic opportunities. In addition, MedMen separately announced today a signicant equity investment from a private placement of MedMen Shares (as dened 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 signicant position in California, the world’s largest market.
    [Show full text]
  • What Providers Should Know About Patients Using Cannabis Carol Freedman Rph, BCGP Objectives
    What Providers Should Know About Patients Using Cannabis Carol Freedman RPh, BCGP Objectives 1. Overview & understanding of cannabis products; availability and access 2. Awareness of potential drug interactions with cannabis 3. Evidence of Efficacy / Inefficacy 4. Discussion of “complementary alternative medicines” (CAM); cannabis use; documentation in medical chart 5. Talking points for patients using cannabis Pharmaceutical- vs Dispensary-Sourced Cannabinoids: What's the Difference? Authors: Daniel Friedman, MD, MSc; Anup D. Patel, MD Cannabis Background Cannabis = synonym for marijuana FDA Approved, Recreational (Adult-Use) & Medical Marijuana (MMJ) Federal: – Schedule I in the US – US federal law prohibits all possession, sale, and use of marijuana – Most parts of the cannabis plant and its derivatives (exception: Hemp derived CBD is legal < 0.3% THC) Massachusetts: – Cannabis Control and Advisory Board - ensures safe access to marijuana; may possess 1 oz./10 oz. at home Cannabis Plant Family 3 major species : – cannabis sativa (most common, highest level of THC) – cannabis indica (typically more CBD than THC) – cannabis ruderalis (few psychogenic properties) 3 major types of cannabinoinds; > 100 chemical entities: Plant (phytonacannabinoids) Synthetic Endogenous Phytonacannabinoids - therapeutic activity – THC (delta-9-tetrahydrocannabinol) psychotropic activity – CBD (cannabidiol) non-psychotropic activity – Terpenes – responsible for smell and taste of cannabis How Cannabis Works Endocannabinoid System (ECS) – Internal Homeostatic
    [Show full text]