Shares will begin trading on the Nasdaq Thursday under the ticker symbol TLRY.
Canadian marijuana company Tilray, a subsidiary of Seattle-based Privateer Holdings, completed its initial public offering Wednesday of 9 million shares at a price of $17 apiece.
Shares will begin trading on the Nasdaq Thursday under the ticker symbol TLRY. Tilray’s offering, sold above the previously estimated range of $14-$16 a share, raised approximately $153 million before costs.
While other marijuana companies have obtained listings on U.S. stock exchanges, often through mergers, Tilray says it is the first to successfully complete an IPO.
With a research facility in Nanaimo, B.C., and cultivation and processing sites in Ontario and Portugal, Tilray supplies “tens of thousands of patients in 10 countries,” according to its prospectus. It also has exclusive Canadian rights to a list of recreational brands of cannabis products, including Privateer-owned Marley Natural and The Goodship.
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The company filed for its IPO in June, one day after Canada became the first G7 nation to legalize the recreational use of marijuana nationwide.
Tilray reported revenue of $7.8 million and a net loss of $5.2 million for the first quarter of 2018. In its June filings it said it plans to use the proceeds of its IPO to pay off debt and increase cultivation and processing capacity.
Tilray’s listing comes during a busy week for IPOs, with 10 other companies expected to complete initial public offerings worth more than $1.2 billion, according to Nasdaq’s website. Renaissance Capital’s Kathleen Smith told MarketWatch that it’s only the third week this year with 10 or more deals.