Tilray Inc. (TLRY) experienced a significant pre-market drop of 14.48% on Friday, as investors reacted to the company's announcement of a 1-for-10 reverse stock split.

The cannabis and consumer packaged goods company confirmed that the reverse split will take effect on December 1, with shares beginning to trade on a split-adjusted basis on December 2. This move will reduce Tilray's outstanding shares from approximately 1.16 billion to 116 million, a decision that has evidently unsettled the market.