Wall Street clears marijuana, the first list is a success

Tilray, a Canadian company specializing in recreational marijuana production, launches the first NASDAQ IPO and raises $ 153 million

Wall Street officially opens its doors to marijuana. This could be reminiscent of groups of traders who negotiate between one negotiation and the other while smoking grbad, which is forbidden by law not only in New York but also in most US states . What is not forbidden, however, in Canada, the second state in the world – after Uruguay – where the use of marijuana for recreational purposes is permitted by law. Or rather, it will be from October 17, when Canadians will be able to buy "weed" in the joint stores.

TILRAY, ESORDIO COL BOTTO

Canada could not therefore be the first producer "Marijuana launches an IPO (Initial Public Offering) on ​​the Nasdaq.Wall Street, in fact, allows registration to companies whose activities are legal in the country they operate in. Tilray's list dates back to July 19. And it went beyond the initial expectations, going well beyond the $ 17 series and ending in the day to day. $ 23 per share The Canadian company raised $ 153 million, bringing its market value to $ 1.56 billion

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Although it is the first to launch an IPO, Tilray is not the only marijuana industry to be listed on the New York Stock Exchange.Specialized in medical marijuana production, Canopy is listed in Toronto and New York. example, Cronos Group and Mtech Acquisition Group, a car company that invests in companies related to the production of cannabis in India

"TASSELLO IMPORTANT"

The list of Tilray was received with a lot of interest by many observers. Matthew Kennedy, Renaissance Capital's IPO market strategist, called it "an important piece for the marijuana industry's expansion projects."

A MARKET OF 150 BILLION YEARS

The figures prove it. According to the same Tilray, which quotes from UN sources, the global market for marijuana is worth $ 150 billion a year thanks to 180 million consumers (estimated) worldwide. However, although legalization is gradually being introduced in the United States, the marijuana industry continues to present various uncertainties due to the legislative aspect.

In addition, despite the excellent IPO, Tilray has not yet completed a profitable balance sheet, recording losses $ 7.8 million in 2017 and $ 5.2 million in the first quarter of 2018. In anticipation of an effective legalization in Canada, scheduled for October, the Canadian company has already embarked on an expansion plan for increase production, reduce debt and make acquisitions.