Cannabis Company Tilray Sued Over Vote to Increase Share Limit

Tilray Brands Inc. is trying to trick investors for a second straight year into increasing its share limit, according to a lawsuit against the Canadian cannabis company.

The complaint, filed Thursday, says Tilray is trying to woo shareholders by again making misleading statements about how its corporate charter calls for their votes to be counted. The company raised the limit in 2023 after improperly requiring only a majority of votes cast—rather than a majority of shares outstanding—to approve the proposal, the suit says.

Judicial intervention is needed “to compel corrective disclosures and ultimately keep the board from compromising Tilray’s capital ...