Tilray Firmly Negative After Announcing Convertible Debt Offering

(RTTNews) - After gapping open notably lower, shares of Tilray, Inc. (TLRY) remain firmly in negative territory in afternoon trading on Thursday. Tilray is currently down by 7.9 percent.

The initial drop by Tilray came after the cannabis producer announced a proposed private placement of $400 million of Convertible Senior Notes due 2023.

Tilray said intends to use the net proceeds from this offering for working capital, future acquisitions and general corporate purposes, and to repay the approximately $9.1 million existing mortgage related to its facility in Nanaimo, British Columbia.