Tilray Brands cuts convertibles by $145 million, will reduce further

By Devika Patel

Knoxville, Tenn., Jan. 10 – Tilray Brands, Inc. significantly reduced its convertible debt by $127 million last quarter and eliminated an additional $18 million of convertible debt subsequent to quarter-end.

“We significantly reduced our convertible debt by $127 million in the quarter, an additional $18 million after the quarter and plan to further reduce our indebtedness, optimizing our capital structure and enhancing our financial flexibility,” chairman and chief executive officer Irwin D. Simon said on the company’s second quarter ended Nov. 30 earnings conference call on Tuesday.

The company saw revenue increase to a record $194 million in the second quarter, compared to $144 million in the prior year quarter.

“[Second quarter] total revenue rose to a record $194 million, compared to the prior-year quarter at $144 million, representing 34% growth,” chief financial officer Carl Merton said on the call.

Tilray is a Leamington, Ont.-based cannabis and consumer packaged goods company.

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