Tilray Inc. has closed an acquisition of its largest shareholder, Privateer Holdings Inc., effective Dec. 12.

The outstanding capital stock of Seattle-based Privateer has been canceled and converted into rights to receive Tilray class 1 and 2 shares.

Privateer held 75 million shares in Tilray, or about 77% of the Canadian cannabis company, before the merger.

Tilray is a medical cannabis company with operations in 13 countries.