Canadian cannabis company Tilray Inc. has filed for an initial public offering with plans to list Class 2 common stock on Nasdaq. "We are pioneering the future of medical cannabis research, cultivation, processing and distribution globally, and we intend to become a leader in the adult-use cannabis market in Canada once legalized," the company says in its regulatory filing. The Class 2 shareholders will be entitled to one vote per share, while Class 1 shareholders will have 3 votes per share. Proceeds of the deal will be used to expand the company's cultivation and processing capacity, repay debt and for general corporate purposes. Shares will be offered in the U.S. by a syndicate comprising Cowen, Roth Capital Partners and Northland Capital Markets. In Canada, they will be offered by a syndicate of BMO Nesbitt Burns and Eight Capital. The stock will trade under the ticker symbol "TLRY."
