Tilray Inc (NASDAQ: TLRY) sent an open letter on August 26 from Irwin D. Simon, CEO and chairman, to the company’s shareholders. In the letter, Simon describes his vision for the company and gives his $4 billion target. He also encourages shareholders to vote for initiatives that are in line with this vision at Tilray’s special meeting of stockholders. The meeting is scheduled to occur on September 10. Tilray is one of the largest cannabis lifestyle and consumer-packaged goods companies in the world. It has operations in the U.S, Latin America, Canada, Europe and Australia. Tilray’s production platform supports about 20 brands in over 20 countries.

Details of the open letter

In the letter, Simon reminds shareholders of the assurances Tilray gave in December 2020. Among them was that the trends towards legalisation of cannabis and consumer reach in the U.S, Canada and internationally would improve. He also assured that organic-growth initiatives together with new acquisitions and partnerships would enable the company to grow and meet its target of $4 billion revenue by the end of 2024.

Shareholder’s approval is needed for Tilray to meet its objectives

While Simon still maintains that the company can achieve these goals, he states that it can only reach them through support from shareholders. Be urges them to pass two proposals. Proposal 1 would allow the company to issue more shares to execute acquisitions and other opportunities. For this to pass, Tilray would need a 50.1% vote.

Simon adds that having the resources and flexibility will enable them to execute their growth vectors and ensure success. These growth vectors include outstanding execution, organic and inorganic growth and legalisation. With these vectors executed, Tilray’s five key competitive differentiators will bring lasting shareholder value.

One of Tilray’s differentiators includes a leading position in Canada, that would bring its combined retail market share from 16%-30% in 2024. The company is also working to become a leading business in the Cannabis market internationally. 

Tilray has a presence in the European Union which could become one of its largest markets. It could bring the company about $1 billion in medical use alone. When adult-use is legalised in the region, the company plans to be ready.