Nine million shares of company stock are up for grabs as Nanaimo-based cannabis cultivator, processor and distributor Tilray makes it first attempt to sweeten its pot, so to speak, with its initial public offering on the stock market.
Tilray stock started trading this morning, July 19, on the Nasdaq Global Select Market under the TLRY symbol.
According to a Tilray press release, of the nine million shares of Class 2 common stock on offer – the company refers to them as subordinate voting shares – 2,476,000 shares were offered in Canada at an initial price of C$22.45 per share, totalling C$55,586,200.
The remaining 6.524 million shares were offered in the U.S. and “certain other countries” at US$17 per share. The total combined offering size is US$153 million.
Investors were posting profits as per share prices jumped from just over US$20 to nearly US$24 (C$26.50 to C$31.80) before noon.