Tilray, a Canadian marijuana company owned by Seattle private equity firm Privateer Holdings, unveiled the terms of a previously announced initial public offering.
The British Columbia-based company, which filed for the IPO last month, plans to issue 9 million shares of its common stock priced between $14 and $16 (CA$18.40 and CA$21) a share.
The IPO could raise as much as $144 million (CA$188 million), according to documents filed with the U.S. Securities and Exchange Commission.
The company reported a net loss of $7.7 million (CA$10.2 million) in 2017 on revenue of roughly $20.5 million (CA$27 million), according to the SEC filings.
The firm’s 2017 revenue represented a more than 62% spike from 2016, when the company recorded $12.5 million (CA$16.4 million) in sales.
One of the larger cannabis firms in Canada, Tilray intends to list on the Nasdaq Global Select Market under the ticker symbol TLRY.
Tilray’s filing comes just four months after Cronos Group, an Ontario, Canada, cannabis company, began trading on the Nasdaq (CRON), and Canopy Growth, also based in Ontario, announced its plans to list on the Nasdaq.
Tilray has said it does not plan to list on a Canadian stock exchange.
Cowen and BMO Capital Markets will jointly act as bookrunners for Tilray’s proposed IPO, according to a news release.
Cowen will act as the sole bookrunning manager for the IPO in the United States and BMO Capital Markets in Canada, according to Tilray’s release.
Roth Capital Partners will act as a lead manager and Northland Capital Markets as a co-manager for the IPO in the United States. Eight Capital will act as a lead manager for the IPO in Canada.