Tilray trades on Nasdaq: Tilray (NASDAQ:TLRY) will be officially trading on the NASDAQ exchange today after becoming the first marijuana company to successfully complete an IPO yesterday. It's stock priced at $17 a share which was above $14-16 stock estimation.
Tilray Trades on Nasdaq Under Ticker TLRY
Tilray is a Canadian pure-play medical marijuana producer and its IPO marks the first successful marijuana IPO in the US. Now it becomes the third cannabis company to be listed on a major US exchange. It joins Canopy Growth Corp (NYSE:CGC) and Cronos Group (NASDAQ:CRON) who began trading this year on the New York Stock Exchange and the NASDAQ respectively.
Tilray applied to list on the Nasdaq Global Select Market in June and also filed a registration statement for the proposed offering.
Expansion
The money raised from the IPO is to fund Tilray's global ambitions, as it sets about expanding into Europe and holding a major stake in profitable markets such as Germany. It will expand cultivation resources, marketing plans, and sales efforts, and it may also go towards future acquisitions and investments. In its initial filing, Tilray stated:
"We are pioneering the future of medical cannabis research, cultivation, processing and distribution globally, and we intend to become a leader in the adult-use cannabis market in Canada once legalized,"
Tilray currently has cultivation operations in Canada and Portugal, along with head offices in Toronto, Berlin, and Sydney. The plan is to acquire 886,000 square feet of worldwide production space by the end of 2018. Thus far Tilray marijuana is sold in 10 countries through pharma distribution and subsidiary groups.
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The Future is Bright
With the cannabis market evolving at a rapid pace in recent months, US exchanges have been kinder at listing Canadian marijuana companies. Once a company's business is legal in the nation where the business is set, then it can be considered for listing on the US exchanges. In Canada, medical marijuana has been legal since 2001 and recreational marijuana will be also, come October 17.
Featured Image: Deposit Photos/robertcrum
