A processor and distributor of Canadian marijuana materialized its initial public offering of shares in U.S , raising 153 million dollars at a time when Glen is preparing to legalize that drug.
Tilray based on British Columbia , began trading on the Nasdaq index on Thursday, at $ 17 per share, but soon after it rose to $ 21.
It is not the first cannabis manufacturer listed on a US stock market, but it is is the first to do so through an initial public offering , which could confer legitimacy on that sector, said John Kagia, an analyst with the marijuana industry’s New Frontier Data.
“It’s another indicator of how the cannabis industry is maturing and professionalizing,” he said.
Two other Canadian companies of this plant began recently to be marketed in US markets: Cronos Group on the Nasdaq and Canopy Growth at the New York Stock Exchange. Both already offered this product in Canada.
Some states in the United States have legalized the recreational use of marijuana, but US companies have not been able to enter the investment market because the drug is still illegal at the federal level.
Instead, many have begun to be marketed in Canada being acquired by companies in that country.
The medicinal cannabis It is legal in Canada, and both sale and recreational use will be legal as of October 17.
Even major investors, like the Cowen Bank , a former financial institution in New York, participated in the sale of Tilray, highlighted Chris Barry , partner of the law firm Dorsey and Whitney in Seattle.
“It would have been impossible to make an initial public offering of this magnitude without institutional participation,” said Barry.
“The lesson is that financial institutions will support such a measure if the company has a solid plan of action and the business is one hundred percent legal in the jurisdiction where it operates.”