Every company wants to debut on a recognized stock exchange, particularly the Nasdaq exchange, but not everyone is fortunate enough to do so. One Canadian medical cannabis company, however, succeeded where many companies have not. Tilray debuts on Nasdaq exchange, and it's an impressive start for the company.
Tilray Debuts on Nasdaq Exchange: A Killer of a Day
On Thursday, Tilray, a Nanaimo, British Columbia-based company, made its debut on the celebrated Nasdaq exchange, which is significant news for two reasons:
1. Tilray is now the first cannabis company to complete an IPO on a major stock exchange in the United States.
2. The debut could not have gone better—and it very well could have gone in the opposite direction. The stock closed the day up more than 30% and is currently up nearly 3% in after-hours trade.
Let's break down these two points.
The Tilray Nasdaq IPO
If you're new to the cannabis industry, or even the finance sector, there is something important to take away from this article: Tilray is not the first cannabis company to trade on a recognized US exchange, but it is the first to so with an initial public offering (IPO).
That's why the news of Tilray debuting on the Nasdaq exchange is trending worldwide. It's a step that can increase 'confidence' as well as 'credibility' in the cannabis sector, said John Kagia of New Frontier Data.
Tilray Stock (NASDAQ:TLRY)
In the Tilray Nasdaq IPO, the TLRY stock was priced at $17 per share. But today, the day of the Nasdaq debut, we saw the Tilray stock exceed that pricing.
When the company first began trading, shares rose as much as 28%. And it just kept getting better.
According to Yahoo Finance, at closing time (which Tilray initiated; see photos below), the TLRY stock was trading at $22.39, which puts it up 31.71%.
As of 5:56 p.m. EDT, Yahoo Finance reported Tilray trading at $23.00, which puts the stock up 2.72% in after-hours trade.
The Day in Pictures:
Featured Image: Twitter