First Marijuna Company IPOs on Nasdaq
Last Thursday, Tilray Inc (NASDAQ: TLRY) became the first cannabis company to conduct a U.S. IPO, and in the process it raised $153 million.
The company priced 9 million IPO shares at $17 each and the company’s price quickly jumped in early trading. TLRY closed its first day of trading at $22.39 (up more that 32% from its IPO price). As of Friday, TLRY’s price represented a market cap of more than $2.5 billion.
Tilray grows cannabis, processes it, then sells it to tens of thousands of medical marijuana patients in Australia, Canada and Germany through subsidiaries and agreements with pharmaceutical distributors. The company currently grows marijuana in both Canada and Portugal.
While Tilray is the first marijuan company to IPO on a US exchange, Canadian marijuana giants Cronos Group and Canopy Growth both traded on exchanges in Canada and then listed on the Nasdaq and NYSE respectively.
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