Canadian medical-pot producer Tilray (TLRY) opened 36% higher at 23.05 on the Nasdaq after the first U.S. marijuana IPO priced shares late Wednesday at $17 each. Tilray stock closed at 22.17, up 30%.
Along with being the U.S.' first pure-play marijuana IPO, Tilray is the third marijuana stock to list on a major U.S. exchange. Canopy Growth (CGC), which already traded in Canada under the ticker "WEED," first listed on the New York Stock Exchange in May. Cronos Group (CRON), which also traded in Canada initially, first listed on the Nasdaq in February. But those listings were not technically IPOs.
The company filed a registration statement for the proposed offering in June and applied to list on the Nasdaq Global Select Market. An IPO could fund Tilray's global ambitions, particularly in the European Union and in Germany. Canopy Growth last month also pegged Germany as a market to watch.
Top photo courtesy of Adobe Stock
