Tilray, a Canadian medical cannabis producer, has instituted an initial public offering (IPO) after it’s NASDAQ listing application. The company joins a number of other cannabis stocks on the prominent U.S. stock exchange, including Canopy Growth Corp. (CGC) and Cronos Group (CRON).

Headquartered in Nanaimo, the cannabis investment firm is a subsidiary of Privateer Holdings,  a private equity firm that acquired the cannabis website Leafly back in 2011.

A total of 9 million shares will be offered by the Canadian medical cannabis producer, which supplies bud to Canada, Africa, Australia, Europe, Latin America and New Zealand.

You can find Tilray’s IPO on the American stock exchange under the ticker symbol “TLRY.”

BMO Capital Markets and Cowen to act as bookrunners for Tilray

Tilray’s application for the NASDAQ listing was made via a Canadian Preliminary Prospectus for Proposed IPO. All provinces bar Quebec have been issued with a preliminary prospectus for a proposed IPO in Canada.

The reason?

“To qualify the offering of securities in Canada and to ensure that purchasers in Canada are not subject to restrictions on resale.”

The Canadian cannabis producer doesn’t plan on being listed on any Canadian stock exchanges. Not yet, anyway.

According to Tilray, the company’s lead coordinators will be Cowen and BMO Capital Markets. Cowen will be dealing with bookrunner responsibilities in the U.S., whereas BMO will be overseeing bookrunner duties in Canada.

Tilray also revealed how Roth Capital Partners will take on the role of IPO lead manager in the U.S. Co-manager for the Tilray’s IPO is confirmed to be Northland Capital Markets. Lead manager duties will be adopted by Eight Capital.

Tilray outshines competitors with its global distribution network

It’s safe to say that Tilray is on-track to becoming a pioneer in global cannabis distribution. The Canadian cannabis producer boasts a profound research capacity and global distribution network, which, it says, makes it more appealing than other industry players.

The company is doing pretty well for itself. In 2017, Tilray experienced a net loss of $7.8 million and, based on a SEC-filed registration statement, revenue topped $20.5 million last year.

As Canada’s adult-use cannabis market goes full steam ahead, Tilray remains wary of potential pitfalls.

“Legalization of adult-use cannabis in Canada may have a significant negative effect on our medical cannabis business and there is no guarantee that we will be able to participate or effectively compete in the adult-use cannabis market in Canada,” Tilray said in the registration statement.