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.
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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