Tomorrow, Tilray is set to become the first pure-play marijuana IPO on a major U.S exchange. The Canadian medical cannabis producer is currently pricing shares to begin publicly trading tomorrow morning on the Nasdaq Global Select Market under the ticker “TLRY”.
Currently, there are two cannabis companies trading on a major U.S. exchange. Cronos Group (CRON) began trading on the Nasdaq back in February and Canopy Growth (WEED) listed on the New York Stock in May, but neither of these listings were IPOs like TLRY.
Last week, Tilray stated they would offer 9 million shares at an expected price range of $14-16 per share which would forecast a capital raise of ~$144M for the Canadian cannabis enterprise. The IPO will fund the company’s plans to expand cultivation resources, marketing, and sales efforts. Eventually, Tilray hopes that it will also fund further acquisition and investments as they head further into a booming industry with global demand.
This new entry will just be the beginning for Tilray, as they set their sites on the European Union. Many are predicting the EU to eventually become the world’s leading medical cannabis market, citing Germany as the main country to watch.
Cara Wietstock is a native Californian living in Washington state with almost a decade of budtender experience and even more stoner experience. While she's not pontificating on the current state of cannabis for Roottie, she is practicing yoga, sipping CBD infused teas and hiking through the Pacific Northwest.