The proposal, to be voted on at the annual meeting on Tuesday, would enable the Nanaimo, British Columbia, company to "move quickly to accelerate growth through potential acquisition and financing opportunities," Chief Executive Irwin Simon said in a statement.
Through its recent combination with Aphria, Tilray has the world's largest geographic footprint and top cannabis-focused portfolio of consumer-packaged goods, Simon said.
Tilray shares at last check were 0.3% higher at $18.69.
Earlier this month, Tilray was upgraded to overweight from neutral at Cantor Fitzgerald. The investment bank's analysts cut their price target on Tilray to $22 a share from $30.25.
Tilray's nearly $4 billion merger with Aphria, which closed in May, combined Aphria's recreational-pot position in Canada with Tilray's strength in international markets, according to Cantor analyst Pablo Zuanic.
"We do not see another [licensed producer] that can make these combined claims," said Zuanic, who called Tilray's stock a bellwether for the sector.
He also sees tailwinds for the sector as the pandemic eases and cannabis demand picks up.