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Tuesday, June 11, 2019

Thiel-Backed Marijuana Stock Tilray Gets High on Merger Deal

By: Wes Messamore

Tilray shares (NASDAQ:TLRY) were blazing 11% higher over the last day in Monday afternoon trading. The large-cap marijuana stock lit up the market on news of a downstream merger with its parent company, Privateer.

Pot company Tilray to Merge with Privateer

The early Tilray investor holds 75 million of Tilray’s outstanding shares.

That gives Privateer a 77% stake in the Canadian cannabis company. Privateer is going to quietly cash out its Tilray shares in an orderly process. It will happen gradually over two years, the cannabis company said in an announcement.

Read more at HVY.