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Why was Marijuana Stock Tilray Soaring 20% Yesterday? | The Mesh Report

Why was Marijuana Stock Tilray Soaring 20% Yesterday?

Growth Stock Network June 11, 2019 Comments Off on Why was Marijuana Stock Tilray Soaring 20% Yesterday?

Tilray shares surged more than 13% Monday in premarket trade after the Canadian pot company announced it struck a deal with its majority shareholder, a cannabis company backed by venture capitalist Peter Thiel, to sell the fund’s stake gradually over the next two years.

Privateer Holdings, a private equity fund concentrated in the cannabis sector, formed Tilray in 2013 and took it public last summer. Thiel’s Founders Fund was an early backer of Privateer in 2014.

Privateer holds 77% — 75 million shares — of Tilray’s outstanding shares worth roughly $2.91 billion at Friday’s closing price of $38.80. That stake was worth more than $16.05 billion at the company’s peak price of $214.06 in September.

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