Nasdaq Cannabis Stock Set to Report Results After IPO Offering


 
 
09:09 08/08/2018

Tilray, Inc., TLRY  a vertically-integrated and federally-licensed cannabis cultivator, processor and distributor, today announced the pricing of its initial public offering of 9,000,000 shares of Class 2 common stock. 6,524,000 shares of Class 2 common stock will be offered in the United States and certain other countries except Canada at a price to the public of US$17.00 per share for a total offering size of US$110,908,000 and 2,476,000 shares of Class 2 common stock, which we refer to as Subordinate Voting Shares, will be offered in Canada and certain other countries except the United States at a price to the public of CAD$22.451 per share for a total offering size of CAD$55,586,200. Based on current exchange rate1, the total combined offering size is approximately US$153,000,000.00. The shares were said to have begun trading on the Nasdaq Global Select Market on July 19, 2018, under the symbol “(NASDAQ:TLRY.)”

A registration statement on Form S-1 relating to the offering has been filed with and declared effective by the United States Securities and Exchange Commission (the "SEC"). Tilray has also filed a prospectus with the securities regulatory authorities in each province of Canada other than the Province of Quebec to qualify the distribution in those provinces. Tilray does not intend to list on any stock exchange in Canada.

In addition, Tilray TLRY  has granted the U.S. underwriters a 30-day over-allotment option to purchase up to 978,600 additional shares of Class 2 common stock and the Canadian underwriters a 30-day over-allotment option to purchase up to 371,400 additional Subordinate Voting Shares at the initial public offering price, less underwriting discounts. Closing of the offering is expected to occur on July 23, 2018, subject to the fulfillment of customary closing conditions.

Cowen and BMO Capital Markets are acting jointly as book-runners for the IPO. Cowen is acting as the sole book-running manager for the IPO in the United States, and BMO Capital Markets is acting as the sole book-running manager for the IPO in Canada. Eight Capital is acting as lead manager for the IPO in Canada. In the United States, Roth Capital Partners is acting as lead manager and Northland Capital Markets is acting as a co-manager for the IPO.

Tilray Inc. TLRY  is a global pioneer in the research, cultivation, production and distribution of medical cannabis and cannabinoids currently serving tens of thousands of patients in ten countries spanning five continents. The Company recently announced that a study featuring Tilray 2:100, a medical cannabis oil containing high amounts of cannabidiol (CBD) and conservative amounts of tetrahydrocannabinol (THC), has shown promising results for children with drug-resistant epilepsy (DRE) due to Dravet Syndrome. The findings of the Phase II trial, which was designed and conducted by researchers at The Hospital for Sick Children in Toronto (SickKids), were published today in the peer-reviewed medical journal Annals of Clinical and Translational Neurology. Tilray 2:100 contains the highest concentration of cannabis-extracted CBD in a medical cannabis product available through Canada's Access to Cannabis for Medical Purposes Regulations (ACMPR). Tilray 2:100 has a target concentration of 100mg/ml CBD and 2mg/ml THC for a total cannabinoid amount of 4,000mg CBD and 80mg THC in each 40ml bottle. As the first study of its kind to examine with rigor the dosing and tolerability of a mixed cannabinoid product containing both CBD and THC in children with DRE due to Dravet Syndrome, these results set the foundation for further work to advance successful treatment and outcomes for this population of children who until now, had little hope for better health outcomes.

Tilray Inc. (NASDAQ:TLRY) TLRY  an affiliate company, High Park Company, was established to develop, sell, and distribute a broad-based portfolio of world-class cannabis brands and products. High Park Company™ announced earlier this month that the Company has signed a Memorandum of Understanding (MOU) with the BC Liquor Distribution Branch (LDB) to supply British Columbia cannabis retailers with a diverse array of cannabis products in anticipation of legalization later this year. Under the terms of the MOU, High Park and LDB will negotiate a definitive agreement to supply the BC market with a variety of new and established cannabis brands and products once adult-use cannabis legalization takes effect, as expected, later this year. "As a company with its roots in BC, we are pleased to work with the LDB towards a supply of cannabis for the BC market," said Adine Fabiani-Carter, Chief Marketing Officer at High Park. "Our goal is to deliver on the high expectations that British Columbians have of us by cultivating and distributing a portfolio of high-quality adult-use products.”

The Company announced yesterday it will report results for the second quarter ended June 30, 2018 on Tuesday, August 28, 2018 after market close.


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