TILRAY JOINS IN POT EUPHORIA WITH US $400M DEBT SALE

Tilray Inc. added its name to a group of marijuana-exposed stocks cashing in on investor euphoria to raise billions of dollars at soaring valuations. Tilray’s plan to sell debt that can be converted into shares follows equity and equity-linked sales by others in the industry, including Innovative Industrial Properties Inc., India Globalization Capital Inc. and Canopy Growth Corp. Buzz about marijuana has propelled cannabis-related stocks higher, leading to a 26 per cent gain in the sector’s first exchange-traded fund this year. Tilray shares are trading at more than nine times the price fetched in its July IPO and the US$400-million debt sale could raise roughly four times as much cash. Shares fell five per cent in extended trading on Wednesday after the sale was disclosed.