Marijuana Stocks: Tilray, rare U.S. Marijuana IPO is up 31% on first day
Canadian pot grower and seller Tilray (TLRY) went IPO today on Nasdaq and gained +31% to $22.39 per share. The company offered 9,000,000 shares for sale at $17 raising totally around $153,000,000. The offering was multiply oversubscribed to the large demand from investors in USA. In that sense Tilray reminds of Canopy Growth (CGC) and Cronos Group (CRON) that are both Canadian marijuana companies that were first listed in Canada but than moved to Nasdaq and New York stock exchanges.
After super successful IPO Tilray is planning to invest over $100,000,000 in expanding it’s growth operations to a close of whopping 1,000,000 square feet of growth space capable of delivering 1 million plants for harvesting every 3 months with an estimated retail value of $5,000 * 1mil = $5 Billion every quarter.
Tilray now sells marijuana to 10 different countries through local subsidiaries out of Canada with offices in Europe, USA, Canada. Staring October 17, 2018 recreational marijuana will become legal in Canada so the demand for marijuana should significantly increase which would expand the market for Tilray to offload their product to a wider consumer base.
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