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Canadian cannabis player Tilray Brands (NASDAQ:TLRY) announced Wednesday an agreement with its joint venture partner Double Diamond Holdings to acquire a promissory note worth more than $26M from the latter.
After the agreement on Tuesday, Leamington, Canada-based Tilray (TLRY) acquired the promissory note worth $26.1M payable by Aphria Diamond, the joint venture it has formed with Double Diamond Holdings, the company said in a regulatory filing.
In connection with the note, TLRY has issued ~12.4M shares of its common stock to Double Diamond Holdings.
A greenhouse operator, Ontario-based Double Diamond Holdings, has formed Aphria Diamond with Aphria Inc., which became a Tilray (TLRY) subsidiary after it merged with TLRY in May 2021 following an all-stock deal.
Tilray (TLRY) shares traded lower on Tuesday after the company’s revenue for Q2 FY24 fell below Street forecasts while its adjusted earnings beat expectations.
