Tilray shares up as much as 28 per cent in Nasdaq trading after IPO

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Tilray’s product line of capsules, oils, and dried marijuana are shown at head office in Nanaimo, B.C., on Thursday, November 29, 2017. THE CANADIAN PRESS/Chad Hipolito

Shares of cannabis producer Tilray Inc. rose as much as 28 per cent today after they began trading on the Nasdaq market.

The stock was priced at US$17 per share in its initial public offering, but shares were trading at US$21.82 at midday.

Tilray is the third cannabis producer to list its shares on a U.S. exchange, following Canopy Growth Corp. and Cronos Group Inc. earlier this year.

The Nanaimo, B.C.-based company says it does not intend to list on any stock exchange in Canada.

Tilray’s initial public offering comes as Canada prepares to legalize marijuana for recreational use in October.

In its regulatory filing, Tilray says its products are available in 10 countries and it has agreements with established pharmaceutical distributors in 12.