The chief executive officer (CEO) of cannabis producer Tilray Bands (TLRY) has been buying up company stock as the price has fallen 13% so far in January.
Regulatory filings show that Tilray CEO Irwin Simon has been buying the company’s stock on the open market in recent weeks.
Simon paid $101,000 on Jan. 12 to buy 53,700 shares of Tilray at an average price of $1.88 U.S. each, according to a filing with the U.S. Securities and Exchange Commission (SEC).
Simon now owns a total of 2.03 million shares of Tilray stock, most of which he acquired from vesting stock units. Simon has been CEO of the company since 2021.
Tilray’s share price has been slumping since Jan. 9 when the company reported fiscal second-quarter financial results that disappointed analysts and investors.
In 2023, Tilray diversified beyond cannabis by acquiring eight Anheuser-Busch InBev (BUD) beer brands. However, the move into craft beers hasn’t helped Tilray’s finances or stock, with the company remaining unprofitable.
Since going public in 2018, Tilray’s stock has lost 94% of its value and now trades on the penny stock league tables at $1.94 U.S. per share.
