Tilray stock has been slumping this year, but two top executives have been selling millions of dollars in stock in April.

The Canadian marijuana producer’s stock (ticker: TLRY) has slipped 16% so far in 2019. The company has been hampered by a shortage of quality marijuana, and Tilray has lagged peers Aurora Cannabis (ACB) and Canopy Growth (CGC).

Nonetheless, Tilray CEO Brendan Kennedy and Chief Revenue Officer Woody Pastorius have sold a total of $9.7 million of stock in April alone. They made the sales through so-called 10b5-1 trading plans, which automatically execute buys or sales after specified conditions—such as stock volume and price—are met. The plans are meant to remove any potential bias a company insider would have from knowledge of material non-public information.

Kennedy’s plan sold 106,109 Tilray shares on April 1 and 2 for a total of $6.7 million, an average of $63.44 each, and also acquired 50,000 shares on April 1 for $388,000 by using stock options. He also converted restricted stock units (RSUs) into 46,875 shares on April 1. According to a form Kennedy filed with the Securities and Exchange Commission, he now owns 193,417 Tilray shares, options for at least 2.9 million shares, and RSUs for 328,125 shares.

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Pastorius’ plan sold 46,557 Tilray shares on April 1 and 2 for a total of $3 million, an average of $63.38 each, and also acquired 43,750 shares on April 1 for $339,500 by using stock options. Pastorius also converted RSUs into 6,250 shares on April 1. He now owns 18,148 shares, options for at least 306,250 shares, and RSUs for 43,750 shares.

Tilray declined to make Kennedy and Pastorius available for comment, but a company spokeswoman said the sales “represent only a very small percentage of Mr. Kennedy and Mr. Pastorius’ overall shareholding in the company.”

“Mr. Kennedy is invested in the future of Tilray and the global cannabis industry for the long term,” the spokeswoman added, noting that through a stake in Tilray’s top shareholder, Privateer Holdings, Kennedy owns more than 10 million additional Tilray shares.

Write to Ed Lin at edward.lin@barrons.com and follow @BarronsEdLin.