Chief Executive Irwin Simon called on shareholders to support a proposal at the company’s annual shareholder meeting that will allow the Canadian cannabis company to increase the number of authorized shares of common stock, enabling it to make acquisitions for growth. “Importantly, approval does not mean that the authorized shares will be issued, only that they are available if needed in pursuit of these important corporate initiatives to drive shareholder value,’ Simon wrote in a letter to shareholders. Tilray has recently completed its merger with Aphria to create the biggest cannabis company in the world, measured by revenue. The company is also seeking to expand shareholder rights at a meeting scheduled for July 29. U.S.-listed shares were up 1.3% premarket and have gained 126% in the year to date, while the Cannabis ETF
has gained 39% and the S&P 500
has climbed 14%.