A Canadian licensed producer (LP) will begin raising capital in the public market after announcing an initial public offering (IPO).
Tilray, a private federally sanctioned cannabis producer in Canada since 2014, announced it will seek a Class 2 common stock listing on the NASDAQ Global Select Market with the ticker symbol “TLRY.”
Tilray has not determined how many shares will be offered in the IPO or the price range for the offering.
“Cowen and BMO Capital Markets will jointly act as book runners for the proposed IPO,” Tilray revealed, with the two banking institutions splitting the duties of running the IPO between two countries. Cowen will lead the US launch and BMO the one in Canada.
The company indicated it has filed for a preliminary prospectus for a proposed IPO in Canada with the securities regulatory authorities of all Canadian provinces other than Quebec. However, Tilray doesn’t plan to list on any Canadian stock exchange.
One indicator as to why Tilray is electing to raise capital in the US rather than on a Canadian exchange relates to the limitations TMX Group has placed around possession and/or connection to US cannabis assets.
While Tilray sells medical cannabis to patients in Canada exclusively, Privateer Holdings, the parent company of the cannabis producer, also holds Marley Natural, a cannabis brand currently selling products in legal states California and Oregon. The brand offers cannabis oil cartridges, pre-rolls and whole flower for consumers.
The private producer will join fellow Canadian LP Cronos Group (NASDAQ:CRON,TSX:CRON) as one of the only cannabis companies on the NASDAQ. This year, Canopy Growth (NYSE:CGC,TSX:WEED) became the first cannabis company to list publicly on the New York Stock Exchange.
On Tuesday (June 19), Sandoz Canada, a drug maker, confirmed a partnership with Tilray to begin developing new product dosage forms and delivery systems. Tilray will begin offering eight of its existing cannabis products in partnership with Sandoz, meaning the pharmaceutical firm’s name and logo will be visible on the products.
The collaboration will also invest in research studies to “advance the science in a variety of medical conditions.”
“Both Sandoz and Tilray recognize that there continues to be an unmet need in access to, and dosing of, medical cannabis products,” said Michel Robidoux, president and general manager of Sandoz Canada.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
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BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today that it will report financial results for the fourth quarter and full year ended December 31 st , 2020 on Thursday March 25 th , 2021 before the market opens.
The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday March 25 th , 2021 at 8:30am Eastern Time (7:30am Central Time).