08:27 AM EDT, 05/17/2024 (MT Newswires) -- Tilray Brands ( TLRY ) , a consumer packaged goods company, said Friday that it plans to raise nearly $250 million through an at-the-market share sale that will fund strategic and accretive acquisitions or investments.

Potential acquisitions, which could be in the US or abroad, will seek to capitalize on expected regulatory changes or expansion opportunities. The company does not currently plan to use the net proceeds raised in the program - which allows for shares to be sold occasionally - for general working capital purposes.

The company's stock rose over 3% in Canada yesterday and was down more than 3.5% in premarket US trading on Friday.