Market Overview

Canadian Cannabis Company Tilray Announces IPO

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Canadian Cannabis Company Tilray Announces IPO

Canadian cannabis company Tilray Inc. filed for an initial public offering Monday of its Class 2 common stock on the Nasdaq Global Select Market.

The company touts its website as a user-friendly platform where consumers can create a personal profile and customer their product based on preference and medical necessity.

What Happened

Tilray said it has applied to offer 9 million shares under the ticker “TLRY” at a price between $14 and $16 per share. In the U.S., Cowen will act as the book-running manager, while Roth Capital Partners and Northland Capital Markets will act as lead manager and co-manager, respectively, according to Tilray.

Why It’s Important

Tilray aims raise $135 million from the IPO, the company said.

While Tilray operates in 10 countries, the company said its international export plans could lead to further expansion.

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The IPO plans come at a time of remarkable growth in medicinal cannabis: $57 billion will be spent on the product by 2027, according to Forbes.

What’s Next

The expected IPO pricing date is July 18. Tilray said it intends to grant the underwriters a 30-day overallotment option to purchase up to 1.35 million additional shares.

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