IPO Archives - Page 2 of 3 - Green Market Report

Debra BorchardtJune 10, 2019


The much-anticipated Reverse Takeover for Harborside Health began trading on the Canadian Securities Exchange using the symbol HBOR on Monday. The plan to go public was originally announced back in August of 2018. At that time, Toronto-based Lineage Grow Co. said it would acquire Oakland-based FLRish – which manages Harborside’s retail and dispensary operations – in exchange for newly issued common shares of Lineage worth roughly 200 million Canadian dollars or $152.2 million.

Harborside was a pioneer in the medical marijuana world. It made the first legal cannabis sale in California and has been serving over 300,000 patients and generating over $400 million in sales since those early days. Harborside currently commands 3% of the entire CA retail market, which is by a landslide the biggest market in the country.

The company has previously completed a $26 million Series B funding round and a $14.6 million Series C. Founder Steve DeAngelo’s tireless, decades-long cannabis advocacy has made Harborside the most trusted and respected name in the game.


When Steve DeAngelo and Dress Wedding ( yes, his real name) founded Harborside in Oakland in 2006, they had the distinct purpose of providing patients with a safe, trusted source for high-quality medical cannabis products. The San Jose location is one of the first dispensaries in the city. In late 2016, the company acquired a cultivation facility in Salinas, allowing it to grow its own flower, which helped expand the product offerings and increase margins. The company currently employs 250 people in total and they are currently planning the expansion of Harborside locations throughout the Bay Area and eventually to San Leandro and more.

Tax Overhang

One issue clouding the IPO was the tax case that Harborside fought with the government over the 280e business deduction claim. DeAngelo said, “We did not seek this fight with the federal government, but don’t shrink from standing up for our rights and the rights of the cannabis industry when we think they are under threat. Our tax case began in 2009 when we challenged the right of the government to apply 280e to state-legal cannabis businesses. The case has wound through the courts since then, with wins and losses on both sides. Most recently, at the trial court level, the IRS won on the underlying judgment, while we won on the imposition of penalties.”

He went on to add, “We have appealed that ruling to the 9th Circuit Court of Appeals, historically one of the most favorable appeals courts for cannabis cases. We hope for a better ruling there. No matter what, our intention is to pursue this case until we either win or all legal avenues are exhausted. Unless the IRS decides to voluntarily dismiss its case, that process is expected to take several more years.”

Debra BorchardtApril 18, 2019


The NASDAQ Markets Group (NDAQ) has been notoriously reluctant to list any cannabis related companies, even if they are only ancillary and not plant-touching. It seems vape distributor Greenlane Holdings Inc. has broken through the company’s barriers.

Greenlane will begin trading on NASDAQ today with the ticker GNLN after upsizing its initial public offering of six million shares with the offering price of $17. The company had expected to price the shares between $14-$16.

According to the company, Greenlane is offering 5,250,000 shares and the selling stockholders are offering 750,000 shares. In addition, the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 900,000 shares of Class A common stock. The offering is expected to close on April 23, 2019, subject to satisfaction of customary closing conditions.

Greenlane Revenue

Greenlane recorded net sales of $178 million in 2018 and a 102% increase over the $88 million in 2017. The cost of sales in 2018 was $143 million. Still, the company reported a net loss of $6.4 million in 2018.

A significant percentage of the company’s revenue is dependent on sales that it purchases from a small number of key suppliers, including PAX Labs and JUUL Labs. For example, products manufactured by PAX Labs represented approximately 15.6% and 29.4% of Greenlane’s net sales in 2018 and 2017, respectively, and products manufactured by JUUL Labs represented approximately 36.5% and 11.4% of its net sales 2018 and 2017, respectively.

Greenlane shipped over 16.0 million product units to its B2B customers in 2018 compared to over 2.0 million product units to its B2B customers in the fiscal year 2016, representing a growth rate of approximately 687.3%. The company grew its employee headcount from 89 employees as of January 1, 2016, to 256 employees as of December 31, 2018.

Greenlane Chain

Greenlane’s customers include over 6,600 independent smoke shops and regional retail chain stores, which collectively operate approximately 9,700 retail locations, and hundreds of licensed cannabis cultivators, processors and dispensaries. Greenlane also owns and operates two of the most visited North American direct-to-consumer e-commerce websites in the vaporization products and consumption accessories industry, VaporNation.com and VapeWorld.com, which offer convenient, flexible shopping solutions directly to consumers. Greenlane is developing a unique e-commerce platform, Vapor.com, into which its existing e-commerce websites will be consolidated.

StaffApril 8, 2019


Seattle-based fintech company, POSaBIT began trading this morning on the CSE under the ticker PBIT.  The company that serves cannabis retailers by delivering bitcoin-enabled payment processing and point-of-sale systems, with built-in compliance features customized to the state each retailer operates in.   POSaBIT has enhanced its payment service offering by developing incremental features to sell and accept both Litecoin and Bitcoin for purchases, as well as perform EMV card compliance on debit card transactions.

“This is a significant achievement for POSaBIT and we are proud to make this important transition from the private to the public markets,” said Ryan Hamlin, co-founder, and CEO of POSaBIT. “The past year has been an exciting one for the company, marked by a series of milestones. We continued to expand geographically in the California, Colorado, and Washington markets successfully completed the acquisition of DoubleBeam, and rolled-out a fully-integrated POS and payments platform that fulfills an unmet need in the cannabis industry. Our service is now in use at over 120 cannabis merchants across various US states. We are pleased with our traction in the market, as demonstrated by our strong year-to-date growth, and are very encouraged by the continued momentum we saw as we closed out 2018.”

For the nine months ending Sept. 30, 2018, the company generated $1.39 million in revenue, a 266% increase over the prior year for the same time period. The company said that pursuant to private placement financings undertaken in conjunction with the listing, POSaBIT generated gross proceeds of $1.3M. The company’s footprint includes California, Nevada, Oklahoma, Colorado, and Washington.

POSaBIT brings its deep retail, food service, and hospitality expertise to the cannabis sector. It has processed $76M in payments in the hospitality industry in 2017. In February 2018, the company acquired DoubleBeam, which specializes in POS payment processing for the Hospitality sector.

POSaBIT designed and released a new front-end POS console that is suited for cash-only merchants such as the cannabis industry. This entirely new console offers an array of key features, including loyalty programs, in-store digital menus, online ordering / in-store pickup, inventory management, state seed-to-sale compliance, and customizable discounts.

POSaBIT also completed all of the necessary state requirements to support the Leaf system, a seed-sale track and trace software system used by regulators in the State of Washington. POSaBIT offers built-in state compliance – a key component that minimizes risk for owners as they navigate new legal footing. With rich data analytics and reporting, owners more effectively keep track of budtender and product performance, on average resulting in doubled ticket sales.

StaffJanuary 28, 2019


“When a brand is so successful that its name becomes ubiquitous with the product (Kleenex / facial tissue), it becomes “Slang” for the product,” said Peter Miller, CEO of SLANG Worldwide. “We are aiming high for our branded products, and their names will be slang for their categories.”

Slang will be going public this week on Tuesday on the Canadian Securities Exchange in an IPO with an implied market value of $541 million using the ticker SLNG. The company was previously known as Fire Cannabis Inc.

Slang is a combination of National Concession Group, better known as Organa Brands and Firefly vape pens. Organa is based in Denver, CO and is best known for its product called O.penVAPE. In addition to the O.penVAPE line, Organa makes the Magic Buzz cannabis beverages, District Edible gummies and a line of dab products called Bakked.

The real key to the company though is Organa Labs, the part of the company that houses its custom extraction process. The company earns royalty payments through its ability to turn other company’s cannabis products into premium vape pens.

Organa’s revenue for the nine months ending September 30, 2018, was $11,699,259  versus last year’s $8,820,455 for the same time period. Total operating expenses for those same nine months was $4.3 million in 2018 versus $4.6 million in 2017. The company reported net income in 2018 of $4.7 million for those nine months. The O.penVAPE brand is the highest selling brand in Colorado with over $170 million in retail revenue generated since 2014.

SLANG is paying upwards of $200 million for Organa, but Billy Levy, the President of Slang said he considered it more of a merger than an acquisition. Levy and Miller decided that the licensed producer side of the business wasn’t a place for big growth in the cannabis industry. They believe that brands and distribution will be the key places for growth. Organa was the way for them to accomplish this goal.

Miller and Levy are very experienced when it comes to LP’s. The two co-founded Mettrum Health, which was acquired by Canopy Growth Corp. (CGC)  for $430 million. Levy co-founded Virgin MEGA with Sir Richard Branson which was acquired by Nike (N). Miller is also the CEO of Agripharm.

As they built Mettrum, Miller and Levy said they came across Organa. The two companies developed a mutual respect for each other ’s businesses. Organa went from selling its products in Colorado to its current count of ten states. Mettrum was sold and Slang became the new plan. “Our goal was to acquire great brands and pair that with distribution,” said Levy. Organa became a founding partner in Slang.

In addition to the Organa acquisition, Slang is also acquiring NWT Holdings, which is also known as Firefly. This is a dry material vape pen that competes with PAX. Miller said he was most impressed with Firefly’s co-founder Mark Williams who was a design manager at Apple leading the Mac OS X interface. “His design expertise is truly blue chip,” said Miller. “We want to leverage his expertise of industrial design across the whole portfolio as well.” He said that the next generation of Firefly vape pens is going to occupy a super-premium segment of the market.  Firefly will also be launching its own oil products this year.

The purchase price for Firefly is $16 million,  50% in cash and 50% through the issuance of approximately 7,450,870 shares issued at a deemed price of $1.50 per share. The company reported $3.1 million in revenue for the nine months ending September 30, 2018, but reported a net loss of $440,000 for that time period.

Slang will also have the right of first refusal to license the Green House Brands, which includes the Green House Seed Co. and Strain Hunters. The Green House Seed Company has produced over 60 award-winning cannabis strains and was founded by Arjam Roskam.  Green House also holds an exclusive master license to Strain Hunters, a series of documentaries centered around the quest for preservation of the cannabis plant, and the series has co-developed documentary series alongside HBO, VICE, and National Geographic.

Following the successful completion of the acquisitions, it is expected that Slang will expand the businesses of Organa and Firefly as a branding and marketing company focused on developing reputable brands and quality hardware products.


Debra BorchardtDecember 3, 2018


Chicago-based Cresco Labs is set to begin trading on the Canadian Securities Exchange on Monday using the symbol CL. Cresco is headed by Chief Executive Officer Charles Bachtell who was also a founding member of the Illinois Cannabis Bar Association and the Medical Cannabis Alliance of Illinois.

Cresco hits the market with operations in six states (Illinois, Ohio, Pennsylvania, Nevada, California, and Arizona). The company focuses on entering markets with outsized demand potential, significant supply constraints and high barriers to entry. The company prides itself on its speed-to-market. It boasts that it can go from license to market in seven months.

In October, Cresco Labs closed on its oversubscribed Series D funding round securing $100 million (US), making it the second largest private funding round in U.S. cannabis history.

In November Cresco celebrated its pilot harvest from its seven-acre production site located in the Central Coast of California. The company said that it was partnered with a well-established horticultural producer in the region and had implemented the highest standard in medical cannabis production to cultivate high-quality, third-party certified cannabis products for the California adult-use market. Including the Central Coast cultivation production site, Cresco Labs will operate two cultivation/processing, one extraction and one distribution facility in California.

Its portfolio of brands includes Cresco, Remedi, Reserve and Mindy’s Edibles, an infused edible line with James Beard Award-winning Chef Mindy Segal. The products have been developed in order to address various consumer demands within the cannabis industry.

The flagship brand Cresco is available in Illinois and Pennsylvania, with Ohio, California, and Nevada on deck. Each product falls into one of three proprietary categories: Rise, Refresh, Rest, named and is color-coded to help the consumer identify the desired effects of the relevant strain’s cannabinoid profile. Mindy’s is currently available in Illinois and Nevada with Ohio and California to follow.

Reserve is a premium cannabis product that is sold in Illinois and Pennsylvania. Ohio, California, and Nevada are the next planned markets. Remedi is the medical cannabis product with an emphasis on CBD products. It is currently sold in Illinois and Pennsylvania with Ohio and Nevada to follow.

Cresco was founded after winning three merit-based cultivation licenses in the Illinois market. It has 110,000 square feet of cultivation in three facilities in the state and can yield enough product to service over 50 dispensaries. The company has since garnered more vertically-integrated licenses in Pennsylvania and Ohio. It has a facility located an hour from Pittsburgh and the first sale of medical cannabis occurred in their dispensary. In June, Cresco received a license to operate vertically-integrated dispensaries in the “Buckeye” state.

Anne-Marie FischerAugust 29, 2018


Early this week, Plus Products filed a preliminary prospectus for its IPO, and is planning to list shares on the Canadian Securities Exchange once it achieves the listing requirements.

The prospectus seeks to raise $15 million through the offering, for which the lead underwriters are PI Financial and Canaccord Genuity.

Plus Products plans to use 40% of the capital raised to expand capacity, within the California market only where they have seen a tremendous amount of growth. Their products rank as the fourth most popular edible in all of California, according to BDS Analytics. The company’s mission is to “make cannabis safe and affordable”, offering options in low-dose edibles.

Plus Products is owned by its subsidiary, Carberry, and currently offers six infused-gummy products to customers in California. The gummies are sold in over 200 dispensaries and have made their way into delivery services such as Eaze. Once they have saturated the California market, the company plans to expand into other legalized states, and possibly Canada.

The company was recently valued at approximately $25 million and plans to pursue a much higher valuation through the increased capital from this offering. The company claims to trade at 1.7x revenue.

Plus Products’ offerings are ambitious, to say the least. They only incorporated on March 29, 2018, and have reported net losses due to operational costs, and anticipates more losses as operational expenses are increased. At present, according to the Prospectus, the company did not generate operating revenue and is in the negative for cash flow at present. During the first half of 2018, Plus Products generated $2.45 million in sales. In 2017, they generated $1.07 million in sales.

Nevertheless, the prospectus has an optimistic tone, pointing to the success in the California market and the patent-pending features of the products that make it unique such as extracting cannabis oil so that there is no smell or taste to the gummies.

Anne-Marie FischerAugust 27, 2018


Charlotte’s Web, the cannabis company responsible for turning CNN’s Dr. Sanjay Gupta into a medical marijuana believer filed for an IPO worth C$100 million. Priced at C$7.00 a share, shares began trading on Thursday and closed that day at C$9.70 under the symbol CWEB. The company and the selling shareholders will be receiving gross proceeds of $93,185,050 and $6,914,950, respectively.

Late last week, Charlottes’ Web Holdings, Inc., announced an offering for an aggregate of 14,300,000 common shares, which consisted of a treasure issuance by the company of 13,312,150 shares, and a secondary offering of 987,850 common shares. The common shares are being offered for sale by Canaccord Genuity Corp, acting as lead underwriter. 

15 Canadian shareholders have entered into an underwriting agreement with Charlotte’s Web Holdings, Inc, following a public offering of common shares within Canada in the company.

Charlotte’s Web Holdings Inc is the exclusive provider of Charlotte’s Web. The high-quality hemp CBD extract was created by Stanley Brothers (now SEDAR), and gained infamy as little Charlotte Figi, turned to the CBD extract for relief from daily seizures. Charlotte has gone on to live a healthy, happy, and active life, and Charlotte’s Web has become one of the most noted CBD-rich cannabis strains in the cannabis market. The products of the company include tinctures, capsules, and topical products.

The company had $40 million in revenue for 2017 for a 35% EBITDA margin. This is a 172% growth over 2016’s revenue of $14.7 million. E-commerce sales have grown by 60% from 2016 to 2017 and it is sold in 2,700 retail locations. The product has 14% of the market share and is the number one brans by market share.

With regards to the legality of hemp, the company said in its filing, “The Company’s position is that its activities fall within the relief from federal interference (e.g. by the DEA) provided by Section 7606 of the 2014 Farm Bill. However, the statute does not explicitly state that private businesses, such as the Company, may cultivate or conduct commercial sales of Industrial Hemp or products derived therefrom. Rather, Section 7606 specifically allows for the ‘‘growing or cultivation of Industrial Hemp’’ for the ‘‘purposes of research’’ pursuant to state ‘‘pilot programs’’ conducted by ‘‘institutions of higher education and State departments of agriculture’’.”

CWB grows its proprietary hemp on farms leased in northeastern Colorado and sources high-quality hemp
through contract farming operations in Kentucky and Oregon. CWB has cultivation plans for approximately 300 acres of irrigated farmland from ten farms in three states for the 2018 growing season, of which, 165 acres are expected to be planted with CWB’s proprietary hemp genetics during the 2018 calendar year. Management believes these 300 acres will produce an estimated 250,000 to 350,000 pounds of Industrial Hemp during the 2018 harvest period (dependent on the regional yield variables associated with growing Industrial Hemp).

Selling shareholders have allowed Canaccord Genuity Corp an over-allotment option to purchase up to an aggregate of 2,145,000 common shares at the offering price. This is exercisable in whole or in part for a period of 30 days of the closing of the offering, expected to occur on or about August 30, 2018.

Following closing, common shares will commence trading on the Canadian Securities Exchange under the symbol “CWEB”. The CSE has conditionally approved the listing of common shares, subject to fulfilling requirements.

Aiko Trust, CK&J Irrevocable Trust, Master and A Hound Irrevocable Trust, Paulina Irrevocable Trust, Tristan 2 Arlo Irrevocable Trust, Blue Water Irrevocable Trust, J. Austin Stanley, Arvesa Corp., Kristi Fontenot, Little Sis Trust, Lynn Kehler, Proverbs 31 Woman Irrevocable Trust, M, C and C Special Needs Trust, Graham Carlson and Old Faithful Trust are among the shareholders that have gone into an agreement with the underwriting company.

A copy of the Prospectus can be found on SEDAR at www.sedar.com


William SumnerJuly 19, 2018


On Wednesday, the Canadian-based cannabis cultivator, processor, and distributor, Tilray Inc. (TLRY), completed its initial public offering and shares of the company have already begun trade on the NASDAQ Global Select Market under the symbol “TLRY.” The shares were priced at $17, which was above the estimated range of $14-16. The stock also traded as high as $23 at one point for a 35% increase.

Tilray is offering 6,524,000 shares of Class 2 common stock in the United States and other select countries, excluding Canada, for a sum value of $110,908,000 USD. Another 2,476,000 shares of Class 2 common stock, which the company refers to as Subordinate Voting Shares, are being traded in Canada and other select countries, excluding the United States, at a price of $22.45 CAD per share; totaling to $55,586,200 CAD in value.

The combined value of both offerings totals to roughly $153 million USD. Tilray set out to raise $135 million.

BMO Capital Markets and Cowen are acting as joint book-runners for the IPO, with Cowen handling the U.S. IPO and BMO handling the IPO in Canada. Likewise, Eight Capital will act as lead manager for the Canadian IPO while Roth Capital Partner and Northland Capital Markets server as the lead manager and co-manager, respectively, for the U.S. IPO.

Additionally, Tilray has granted U.S. underwriters a 30-day over-allotment option to purchase up to 978,600 additional shares of Class 2 common stock and the Canadian underwriters a 30-day over-allotment option to purchase up to 371,400 additional Subordinate Voting Shares at the initial public offering price. The offering is expected to close on July 23, 2018.

Despite the number of shares issues, Privateer Holdings will remain the majority shareholder and primary owner of Tilray with 75 million Class 1 shares. As one of the first licensed medical cannabis producers in Canada, Tilray has already established a presence in 10 countries and will use the funds raised from this IPO to further increase its cultivation and processing capacity; as well as liquidity.



Debra BorchardtJuly 9, 2018


Canadian-based cannabis cultivator, processor, and distributor Tilray Inc. has launched an initial public offering (IPO) of its Class 2 common stock and has applied to list its shares on the NASDAQ (NDAQ)  exchange under the ticker symbol “TLRY” as previously announced. The company amended the offering to raise $135 million.

Tilray is offering 9,000,000 shares at an initial price to the public between US$14.00 and US$16.00 per share. The company also said that it intends to grant the underwriters a 30-day over-allotment option to purchase up to 1,350,000additional shares.

Tilray was one of the first companies to receive a license in Canada to produce medical marijuana. In addition to its home country, Tilray products have been made available in Argentina, Australia, Canada, Chile, Croatia, Cyprus, the Czech Republic, Germany, New Zealand and South Africa. It was initially formed as a subsidiary of Privateer Holdings, whose portfolio of brands also includes Leafly, Marley Natural, and Goodship.

Its medical cannabis has been favored by patients as a precise and predictable product. Tilray has not been granted exclusive rights by the Canadian government to produce or distribute any category of adult-use cannabis products. Instead, it has “secured the exclusive rights from a wholly owned subsidiary of Privateer Holdings to produce and distribute a broad-based portfolio of certain adult-use brands and products in Canada.”

The company reported $20.5 million revenue for the year ending in 2017, a 62% increase over 2016′ revenue of $12.6 million. For the three months ending in March 2018, revenue was $7.8 million, a 55% increase over $5.0 million for the same time period in 2017.

Net losses were trimmed slightly in 2017 at $7.80 million versus the prior year’s net loss of $7.88 million. Losses grew in the first quarter of 2018 as the company reported $5.1 million in net losses versus only $679,000 in losses for the previous year’s first quarter. The company has an accumulated deficit of $45.6 million as of March 2018.


The risk section in most IPO filings must spell out every possible and potential problem the company could face. Tilray noted that with Canada’s upcoming recreational cannabis market, medical marijuana sales could potentially drop. The company also noted that Canada could become oversupplied with marijuana with recreational legalization and may be unable to export that oversupply.

Use of Proceeds

The proceeds from the IPO will be used to increase Tilray’s liquidity and raise capital to further
develop its cultivation and processing capacity. The plan is to build out of cultivation and processing capacity at Enniskillen, Ontario, London, Ontario, and Cantanhede, Portugal facilities. In addition to the building expansion, Tilray plans to repay outstanding principal and interest under the Privateer Holdings debt facilities which it has used for working capital and general corporate purposes. The company statement said that as of March 31, 2018, there was $34.6 million outstanding under the Privateer Holdings debt facilities and the interest rate was 2.54% for 2017 (which represented 2.4 times the mid-term applicable federal rate). The Privateer Holdings debt facilities are payable on demand of Privateer Holdings.


According to a company statement, Tilray has also filed a preliminary prospectus for a proposed IPO in Canada with the securities regulatory authorities in each province of Canada other than Quebec, in order to qualify the offering of securities in Canada and to ensure that purchasers in Canada are not subject to restrictions on resale. Still, Tilray does not intend to list on any stock exchange in Canada.

Privateer will continue to own a majority of the voting power of the outstanding shares, making it a “controlled company” by NASDAQ’s definition.

Cowen and BMO Capital Markets are acting jointly as book-runners for the proposed IPO. Cowen is acting as the sole book-running manager for the IPO in the United States, and BMO Capital Markets is acting as the sole book-running manager for the IPO in Canada. Eight Capital is acting as lead manager for the IPO in Canada. In the United States, Roth Capital Partners is acting as lead manager and Northland Capital Markets is acting as a co-manager for the IPO.

Debra BorchardtJune 20, 2018


Canadian cannabis company Tilray Inc. has filed for an initial public offering to list its shares on NASDAQ using the symbol TLRY. Privateer Holdings will continue to own a majority of the voting power of all outstanding shares of Tilray’s capital stock and as such will be considered a “controlled company.” Privateer will own 75 million shares and have the majority of the voting power.

Tilray produces medical cannabis in Canada and Europe and has supplied high-quality cannabis products patients in 10 countries through its subsidiaries in Australia, Canada, and Germany and through agreements with established pharmaceutical distributors. In Canada, the company is also authorized to distribute certain products on a wholesale basis and to sell certain products directly to patients through its e-commerce platform or over the phone. While the company has made its name in medical marijuana, it is developing brands for the soon to be developed adult-use market. Prime Minister Trudeau set October 17 as the day for the first legal sales of recreational marijuana.

In the company filing, Tilray reported that revenue rose 62% from 2016’s C$12.6 million to 2017’s C$20.5 million. Revenue for the first quarter ending March 2018 saw an increase of 55% from C$5.0 million to C$7.8 million.

The net loss for 2017 was C$7.80 million, a slight improvement over the net loss in 2016 of  C$7.88 million. The company reported a net loss per share in 2016 of 11 cents and that improved slightly to a net loss of 10 cents for 2017. The net loss though for the first quarter ending March 2018 jumped greatly to C$5.1 million versus the net loss for the first quarter in 2017 of C$679,000. Tilray has an accumulated deficit as of March 31, 2018, of $45.6 million and cash and cash equivalents of C$12.1 million.

The company sold 36% more kilograms of cannabis in 2017 over 2016 and it harvested over 50% more in 2017 versus the previous year. The average selling price per gram grew 21% to C$6.52 from C$5.41 and the average cost per gram sold fell 30% to C$2.84 in 2017 from C$4.04 in 2016. In the filing, Tilray said that for the three months ending March 31, 2017, and 2018, kilograms harvested decreased by 9% primarily due to shifting some of its cultivation mix towards higher potency strains and CBD strains, which have lower biomass yields compared to mid-potency strains.

The proceeds are intended to further develop the cultivation and processing capacity. It plans to fund the build-out of the cultivation and processing capacity at the Enniskillen, Ontario, London, Ontario, and Cantanhede, Portugal facilities. Also, it will also repay outstanding principal and interest under the Privateer Holdings debt facilities. As of March 31, 2018, there was $34.6 million outstanding under the Privateer Holdings debt facilities and the interest rate was 2.54% for 2017.

In February 2018, Tilray submitted an ACMPR license application for its proposed facilities in London, Ontario, and the High Park Processing Facility. This application has not yet been approved, although it is anticipated.

According to a company statement, Cowen and BMO Capital Markets will jointly act as book-runners for the proposed IPO. Cowen will act as the sole book-running manager for the IPO in the United States, and BMO Capital Markets will act as the sole book-running manager for the IPO in Canada. Eight Capital will act as a lead manager for the IPO in Canada. Roth Capital Partners will act as a lead manager and Northland Capital Markets will act as a co-manager for the IPO in the United States.

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