Tilray Gets a New Option on U.S. Legalization With MedMen Deal

Tilray Inc., a Canadian marijuana company that has recently made headway in international markets, has a new option to get into the U.S. through a deal with MedMen Enterprises Inc.

Tilray agreed Tuesday to buy a majority position in senior secured convertible notes of the small California-based firm, which could become a roughly 21% equity stake in MedMen if the U.S. legalizes cannabis at the federal level. In that event, Tilray would be interested in acquiring even more of the company -- potentially all of it, according to Chief Executive Officer Irwin Simon.

“It gives us optionality, ultimately, ...