Cannabis producer Tilray Inc. filed for a proposed initial public offering on the Nasdaq stock exchange Wednesday, a day after parliament made a final vote to legalize cannabis nationwide.
The Nanaimo, B.C.-based company says it has not determined the number of shares to be offered or the price range for the offering. It will trade under the symbol TLRY.
The company, one of the largest marijuana producers in Canada yet to go public, says it does not intend to list on any stock exchange in Canada.
Tilray has roots in the U.S., formed as a subsidiary of Seattle-based Privateer Holdings, a private investment firm focused exclusively on the cannabis industry. The firm’s portfolio of brands also includes Leafly, Marley Natural and Goodship.
The company says Privateer will continue to control a majority of the voting power on its stock after the closing of the offer.
In its filing, Tilray boasts of having its products available in 10 countries and agreements with established pharmaceutical distributors in 12.
In Canada, the company has signed agreements to supply medical cannabis to Pharmasave and Shoppers Drug Mart.
The company has also signed agreements to supply cannabis for adult-use with Quebec, Yukon, and the Northwest Territories and says it’s finalizing a letter of intent with Manitoba.
Tilray has formed High Park Holdings Ltd. as a subsidiary through which it plans to produce and distribute recreational marijuana.
Prime Minister Justin Trudeau said Wednesday that Canadians will be legally allowed to buy and smoke cannabis starting October 17.
Tilray says it plans to use funds from the offering to build out cultivation and processing capacity at its Enniskillen, Ont., London, Ont., and Cantanhede, Portugal facilities, as well as to repay funds to Privateer Holdings.