Tilray Inc. (TLRY) - Get Report shares fell Tuesday after the expiration of lock on the shares that prevented investors from selling holdings from the company's July public listing.

Tilray floated on the Nasdaq on July 15, with an initial price of $17 a share, yet quickly surged to an intraday record of $300 a share on Sept. 19, igniting concerns that key investors would cash out of their shares when the so-called lock-up expired on January 15.

However, a steady decline in Tilray's share price since then, alongside a commitment from its biggest investor, has added support to the Canadian cannabis group over the past few trading sessions and eased pressure on the stock heading into the opening bell. Tilray CEO Brendan Kennedy is also slated to give a presentation at the 2019 ICR investment conference in Orlando later Tuesday.

Tilray shares were down 9.5% on Tuesday.

Last week, Privateer Holdings, a Seattle-based private-equity group that limits its investments to the cannabis industry that owns an estimated 76% of Tilary's outstanding shares, said it had no plans to "register, sell or distribute" its holdings "during the first half of 2019." 

With Privateer holding most of the 93 million shares floated in July, analysts believe only around 8 million will be released from the lock-up today.

"When we decide to distribute shares, we will do so in an orderly and deliberate manner to maximize tax-efficiency considerations for Privateer investors, while also taking into consideration potential impacts on Tilray's public float." Privateer managing partner Michael Blue said in a statement. "And we will do it in a way that reflects our long-term confidence in Tilray's business model and management team."

Last month, Tilray and AB InBev's BUD unveiled a new research partnership that will explore non-alcoholic beverages that contain THC and CBD, both key chemicals found in marijuana but with very different purposes.

THC is the psychoactive chemical in marijuana the produces the high, while CBD is non-psychoactive and blocks the high.

As part of the deal, each company will pitch in $50 million, with Tilray taking part through its subsidiary, High Park Co., which develops, distributes and sells cannabis products in Canada.

Bill Newlands, the incoming CEO of Corona Beer market Constellation Brands (STZ) - Get Report , called the global cannabis market "the most significant global growth opportunities of the next decade, and frankly, our life time" adding that it was "opening up much more rapidly than originally anticipated."

Constellation Brands rebounded from a two year low Thursday after weaker-than-expected quarterly earnings and a muted outlook pegged to rising costs associated with its $4 billion investment in cannabis specialists Canopy Growth Corp. (CGC) - Get Report