July 20, 2018

Nanaimo based Cannabis grower Tilray valued at up to US$1.5 billion for Nasdaq IPO

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The Nanaimo-based producer is the last large Canadian marijuana company to go public.

By: Mark Rendell, July 9th, 2018

Nanaimo cannabis producer Tilray Inc., will be valued between US$1.3 billion and $1.5 billion when its shares begin trading on the Nasdaq Stock Market in the coming weeks, according to forms filed with the U.S. Securities and Exchange Commission on Monday.

Tilray, Canada’s last large licensed marijuana producer to go public, expects to issue 9 million new shares in the initial public offering, priced between US$14 and $16.

The IPO will give Tilray an additional US$126 to $144 million, which it intends to use to pay off debt and expand its facilities on Vancouver Island, in Enniskillen and London, Ont. and in Portugal.

NANAIMO, B.C. — Shares of cannabis producer Tilray Inc. rose as much as 28 per cent Thursday after they began trading on the Nasdaq market.

The stock was priced at US$17 per share in its initial public offering, but shares were trading at US$21.82 at midday.

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