Canadian cannabis company Tilray Inc. /zigman2/quotes/209129655/composite TLRY +6.32% said Tuesday its board has agreed to release 11 million shares of class 2 common stock held by the former equity holders of Privateer Holdings Inc. The shares are being released from a lock-up agreement enetered into in September of 2019 by and among Tilray, Privateer, Down River Merger Sub, LLC, a Delaware limited liability company and wholly owned subsidiary of Tilray, and Michael Blue, as the Stockholder Representative. The waiver will take effect April 3. "The shares to be released on April 3, 2020 are part of the previously announced release of Tilray stock over a two-year period," Tilray's Chief Financial Officer Michael Kruteck said in a statement. "We believe the staggered release of locked-up shares, as well as strategic and marketed offerings, will manage our public float in an orderly fashion." Tilray's small public float has made the stock volatile in certain periods. Shares fell 12% premarket and are down 61% in the year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.24% has fallen 19%.