XML 59 R25.htm IDEA: XBRL DOCUMENT
v3.21.2

Warrants | 12 Months Ended
--- | ---
May 31, 2021
Warrants And Rights Note Disclosure [Abstract] |
Warrants |
2 0. | Warrants
The warrant details of the Company are as follows:
|  |  |  |  |  |  |  |  |  | Weighted |
|  |  |  | Expiry |  | Number of |  |  | average |
Type of warrant |  | Classification |  | date |  | warrants |  |  | price |
Warrant |  | Equity |  | September 26, 2021 |  |  | 166,000 |  |  | $ | 3.14 |
Warrant |  | Equity |  | January 30, 2022 |  |  | 5,828,651 |  |  |  | 9.26 |
Warrant |  | Liability |  | March 17, 2025 |  |  | 6,209,000 |  |  |  | 5.95 |
|  |  |  |  |  |  | 12,203,651 |  |  | $ | 7.41 |
As part of the Arrangement, Aphria’s 2016 Warrants (the 200,000 warrants issued by Aphria expiring September 26, 2021) were exchanged for 166,000 Replacement Warrants (warrants to purchase Tilray shares pursuant to the Plan of Arrangement), expiring September 26, 2021. As part of the Arrangement, Aphria’s all 2020 Warrants (the 7,022,472 warrants issued by Aphria expiring January 30, 2022), ceased to represent a warrant to acquire Aphria shares and instead represent a right to receive 5,828,651 Tilray shares in accordance with their term. As part of the Arrangement, all outstanding Tilray Warrants which expire on March 17, 2025 remain outstanding without change to any of their terms. The warrants contain anti-dilution price protection features, which adjust the exercise price of the warrants if the Company subsequently issues common stock at a price lower than the exercise price of the warrants. In the event additional warrants or convertible debt are issued with a lower and/or variable exercise price, the exercise price of the warrants will be adjusted accordingly. There were no triggering events during the year ended May 31, 2021. These warrants are classified as liabilities as they are to be settled in registered shares, and the registration statement is required to be active, unless such shares may be subject to an applicable exemption from registration requirements. The holders, at their sole discretion, may elect to affect a cashless exercise, and be issued exempt securities in accordance with Section 3(a)(9) of the 1933 Act. In the event the Company does not maintain an effective registration statement, the Company may be required to pay a daily cash penalty equal to 1% of the number of shares of common stock due to be issued multiplied by any trading price of the common stock between the exercise date and the share delivery date, as selected by the holder. Alternatively, the Company may deliver registered common stock purchased by the Company in the open market. The Company may also be required to pay cash if it does not have sufficient authorized shares to deliver to the holders upon exercise.
|  | May 31, 2021 |  |  | May 31, 2020 |
|  |  |  |  |  | Weighted |  |  |  |  |  |  | Weighted |
|  | Number of |  |  | average |  |  | Number of |  |  | average |
|  | warrants |  |  | price |  |  | warrants |  |  | price |
Outstanding, beginning of the year |  |  | 5,994,651 |  |  | $ | 8.91 |  |  |  | 1,903,024 |  |  | $ | 12.01 |
Exercised during the year |  |  | — |  |  |  | — |  |  |  | (636,089 | ) |  |  | 1.47 |
Issued during the year |  |  | 6,209,000 |  |  |  | 5.95 |  |  |  | 5,828,652 |  |  |  | 9.08 |
Cancelled during the year |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Expired during the year |  |  | — |  |  |  | — |  |  |  | (1,100,936 | ) |  |  | 19.46 |
Outstanding, end of the year |  |  | 12,203,651 |  |  | $ | 7.41 |  |  |  | 5,994,651 |  |  | $ | 8.91 |
The Company estimated the fair value of the warrant liability at May 31, 2021 at $12.59 per warrant using the Black Scholes pricing model (Level 3) with the following weighted-average assumptions:
Risk-free interest rate |  |  | 0.90 | %
Expected volatility |  |  | 70 | %
Expected term |  | 4.3 years |
Expected dividend yield |  |  | — | %
Strike price |  | $ | 5.95 |
Fair value of common stock |  | $ | 16.67 |
Expected volatility is based on both historical and implied volatility of the Company’s common stock.

X
- Definition Warrants. + References No definition available. + Details
Name: | tlry_WarrantsTextBlock
Namespace Prefix: | tlry_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_WarrantsAndRightsNoteDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration