A Canadian cannabis producer has announced its plan for entering the US adult-use market.
Also this week, NBA athlete Kevin Durant, who recently joined the investment scene, announced a partnership between his firm Thirty Five Ventures and Weedmaps, an online cannabis marketplace.
Keep reading to find out more cannabis highlights from the past five days.
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Tilray’s pursuit of US market puts it in line with operator
On Tuesday (August 17), Tilray (NASDAQ:TLRY,TSX:TLRY) confirmed that its intention to secure an entry into the US cannabis market has moved closer to becoming a reality.
The producer plans to buy a “majority of the outstanding senior secured convertible notes” of MedMen Enterprises (CSE:MMEN,OTCQX:MMNFF), now held by Gotham Green Partners.
“The investment we are announcing in MedMen securities today … is a critical step towards delivering on our objective as we work to enable Tilray to lead the US market when legalization allows,” Tilray Chairman and CEO Irwin Simon said in a release.
The complicated maneuver will earn Tilray approximately US$165.8 million worth of MedMen’s convertible debt notes. However, a report from the Globe and Mail indicates the company has struggled to gather an investor majority to raise the funds needed to move forward with the transaction. Simon said the company’s largely retail investor base makes it difficult...
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