Tilray Brands (TSX: TLRY) is aiming to take as much money out of the market as it can, announcing this morning that it has filed a prospectus for an at-the-market offering with the US Securities and Exchange Commission. The filing follows the Biden Administration yesterday signaling it will be proceeding with moving cannabis to Schedule III.

The financing, to be conducted by TD Securities and Jefferies, will see Tilray sell up to $250 million in stock on the open markets from time to time. The shares are to be sold on the Nasdaq Global Select Market, with the TSX not involved in the financing.

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Proceeds from the financing are to be used to fund strategic and accretive acquisitions or investments, including potential assets in the US and international markets. The acquisitions are expected to “capitalize on expected regulatory advancements or expansion opportunities.” Tilray has indicated that it does not currently intend to use the funds for general working capital purposes.

Tilray Brands last traded at $2.90 on the TSX.

Information for this briefing was found via Edgar, and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.