Cannabis Producer Tilray Inc. Debuts on NASDAQ A Resounding Success – Market Cap of $2 Billion
Carlsbad (July 19, 2018) – Tilray Inc. (NASDAQ: TLRY) The first ever IPO for a Cannabis company on NASDAQ moving to be a resounding success,finally moving credible and well managed cannabis companies into the financial mainstream. Shares in the first cannabis producer and distributor to go public on a US exchange opened at $23.05, up from a listing price of $17. The initial public offering was above an indicated range of $14 to $16 a share, raising $153 Million.
Since it began operations in 2014, the company has not turned a profit yet, producing a net loss of $7.8 Million in 2017 and $5.2 Million for the three months ended in March 2018. Sales for 2017 were $20.5 Million.By early afternoon, the stock was at $22.32, up 31.4%, giving the company a market value of roughly $ 2 Billion.
Reflecting the changing times, several well-respected banks are backing the issue. In the U.S. the offering was backed by a syndicate comprising Cowen, Roth Capital Partners and Northland Capital Markets. In Canada, shares will be offered by BMO Nesbitt Burns and Eight Capital. Both Nasdaq and the New York Stock Exchange have accepted companies that were already listed in Canada as well as listing new shares and offerings of companies that operate in cannabis-related business. While first listed on the Toronto Stock Exchange, Canopy Growth (NYSE:CGC), a producer of medical marijuana, received a dual listing on NYSE in May. In February of 2018, Toronto-listed Cronos Group (NSDAQ:CRON) began trading on Nasdaq. MTech Acquisition Corp (Nasdaq: MTECU) is a special purpose acquisition company to buy a companies that are ancillary to the cannabis industry.
This is a significant event for the US cannabis industry demonstrating acceptance of Wall Street for solid companies operating in the cannabis sector that can be measured with the typical financial yardsticks for performance.
We have been covering LiveWire Ergogenics (OTC:LVVV),
a US based Cannabis Company since August of 2017.
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