TREES Corporation (CANN)

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Definition of 'Gray Market'

An unofficial market where securities are traded. Gray (or “grey”) market trading generally occurs when a stock that has been suspended trades off-market, or when new securities are bought and sold before official trading begins. The gray market enables the issuer and underwriters to gauge demand for a new offering because it is a “when issued” market, i.e. it trades securities that will be offered in the very near future. The grey market is an unofficial one, but is not illegal.

The term “gray market” also refers to the import and sale of goods by unauthorized dealers; in this instance as well, such activity is unofficial but not illegal.
http://www.investopedia.com/terms/g/graymarket.asp