Tilray Set to Become First Pure-Play Cannabis IPO

Tameka Kee

Canadian medical-pot producer Tilray expects to list on NASDAQ Wednesday, making it the first US pure-play marijuana IPO; it will likely list under the ticker TLRY.

While it is not the first industry stock listing - Canopy Growth (WEED) and Cronos Group (CRON) are both listed on US Stock markets, but "those listings were not technically IPOs," according to Investor Business Daily.

Tilray, which is a Canadian vertically-integrated and federally-licensed cannabis cultivator, reported that revenues increased by 62% to $20.5 million in 2017. The company plans to issue 9,000,000 shares of Class 2 common stock between $14 and $16 a share.

(Image source: Tilray Instagram)