With
Tilray Bands
stock down in January, Chairman and CEO Irwin D. Simon bought shares of the marijuana producer on the open market for the first time.
On Jan. 9, Tilray reported fiscal-second-quarter results that topped estimates. Nevertheless, shares slid 10% and ended the day at $2.11. The slump continues a yearslong trend of falling share prices. Since its 2018 initial public offering, Tilray stock has ended every full year in the red by a double-digit percentage, including a 14% drop in 2023, when the S&P 500 index rose 24%.
Simon paid $101,000 on Jan. 12 for 53,700 Tilray shares, an average price of $1.88 each. According to a form he filed with the Securities and Exchange Commission, Simon now owns 2.03 million shares, the majority picked up from vesting stock units. Simon became chairman and CEO in 2021 after Tilray merged with Aphria, which he had previously led.
Tilray didn’t make Simon available for comment about his recent stock purchase.
Tilray still isn’t profitable, but revenue hit a record in the fiscal second quarter. “I will look to do more acquisitions in 2024,” Simon told MarketWatch earlier this year. Tilray, which also has operations in craft beverages, bought eight
Anheuser-Busch InBev
brands in 2023. Tilray unit SweetWater Brewing announced in the past week two new fruit-flavored, high-alcohol India pale ales: Sour Watermelon and Cherry Limeaid.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at [email protected] and follow @BarronsEdLin.
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