Tilray leaps on buying convertible debt of pot producer MedMen

Medmen Enterprises

18/08/2021 11:28

** U.S.-listed shares of pot producer  TLRY.TO ,  TLRY.O 
rise as much as 6.33% to $13.95 premarket
    ** Canadian co said on Tuesday it would buy convertible debt
of struggling U.S. rival MedMen Enterprises Inc  MMEN.CD  for
about $166 mln in a deal with partners, giving it a pathway to
enter the United States  urn:newsml:reuters.com:*:nL1N2PO2GP
    ** By buying convertible debt and warrants - which can be
changed into shares later - co gets the option to take a
"significant equity position in MedMen... following U.S.
cannabis legalization" - TLRY
    ** MedMen has 25 retail stores in key states including
California, Los Angeles and Las Vegas, and it should be able to
get to 30 stores by the end of the year - TLRY CEO 
    ** TLRY stock up ~58% YTD, as of last close

 (Reporting by Rithika Krishna in Bengaluru)
 ((Rithika.Krishna@thomsonreuters.com;))