The Initial Purchasers in connection with Tilray Inc.’s US$475 million 5% convertible notes offering


Cowen and Company, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and BMO Capital Markets Corp. as representatives of the Initial Purchasers


US$475 million


Capital Markets

Date Closed

October 2018

Lead Office

New York

On October 10, 2018, Tilray Inc. announced that it closed its offering of Convertible Senior Notes for gross proceeds of US$450 million in a private placement to qualified institutional buyers in the United States and accredited investors in Canada. On October 22, 2018, the initial purchasers closed on their option to purchase an additional US$25 million principal amount of such Notes, increasing the total offering size to US$475 million.

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

Tilray Inc. is a British Columbia-based cannabis cultivator, processor and distributor, federally licensed in Canada. On July 19, 2018, Tilray, Inc. became the first pure-play cannabis company to go public on a major U.S. exchange when its shares began trading Nasdaq Inc.’s Global Select Market exchange.

Osler, Hoskin & Harcourt LLP represented the initial purchasers with a team consisting of Rob Lando, Jie Chai and Michael Sherman (Corporate).