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Tilray preps for marijuana reclassification, may sell stock

Shares of Tilray Brands (TLRY) fell sharply on Friday after filing to offer up to $250 million worth of additional shares. The company says the funds would be used to make acquisitions or other investments, not for general purposes. Tilray says it is positioning itself to be ready for the potential reclassification of marijuana, something President Biden voiced support for on Thursday.

Yahoo Finance's Julie Hyman and Josh Lipton recap the latest developments for Tilray.

This post was written by Stephanie Mikulich.

Video Transcript

All right, let's talk about T brands to that company announcing at the market program to fund strategic and a creative acquisitions.

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The company is planning to sell shares as it looks to prep for a US cannabis rescheduling.

What the heck does all of this mean?

Basically, the company says it is registering to sell $250 million in sales in, in shares for potential sale.

It doesn't mean it's going to, it means it, it could potentially could do this and it made it very clear in its statement that it's not using this money for operation that it would exclusively be for acquisitions once this from uh schedule one to schedule three gets done in the United States.

And this is coming back to the topic.

We were talking about a lot this week, Biden administration looking to reclassify marijuana as a less thing.

Just drug stock has been interesting, you know, I mean, down obviously hard today, it's also down hard in the red this year, but also, I mean, just pull back a bit nice pop recently up about 15% in the past month.

Yes.

So they're taking advantage of that