Tilray Locks In a Merger With a Major Shareholder

Still in its early stages, the cannabis industry sometimes does business in nontraditional ways. A prime example is Tilray (NASDAQ: TLRY), which on Friday essentially acquired and swallowed up its major shareholder.

Tilray announced that it had completed a merger with private equity firm Privateer Holdings, which held 75 million shares, or roughly 77% of its stock. All Privateer stock is to be converted "into the right to receive the applicable portion of an aggregate [share]" of the cannabis company's stock. Tilray stressed that it did not pay any cash consideration to Privateer in the arrangement.

Image source: Getty Images.

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Source Fool.com