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Oct 30, 2018

Tilray's founders temporarily booted from the billionaires' club

Tilray

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They’re billionaires no more.

Brendan Kennedy, Michael Blue and Christian Groh are once again mere mega-millionaires as shares of Canadian cannabis company Tilray Inc. continued their slide, dropping 2.5 per cent to US$88.48 at 1:34 p.m. in New York, after Lakewood Capital Management LP’s Anthony Bozza recommended shorting the stock.

The trio were revealed as billionaires on Sept. 19 when Tilray touched US$300 a share, sending the combined value of their stakes as high as us$10 billion. Now they’re each worth US$995.4 million, just shy of the three-comma club.

Kennedy, Blue and Groh founded Seattle-based Privateer Holdings Inc. in May 2010, and the firm later invested in Tilray. They effectively owned about 45 percent of Privateer’s holding in Tilray as of March 31, according to a prospectus.

The decline is a vindication for short-seller Citron Research, which called the stock’s surge “beyond comprehension.” Tilray had just US$20 million in revenue last year.

Tilray's shares closed Tuesday trading down 0.64 per cent - or 58 U.S. cents - at US$90.10.

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