Aurora Cannabis Plans US Stock Listing in October

23 September, 2018, 18:26 | Author: Eric Barnett
  • Traders watch stock prices on the floor of the New York Stock Exchange in New York Sept. 19. Canadian cannabis companies are making giant gains in the U.S. stock market ahead of legalization in Canada next month

The increase in its shares price will add to Tilray's market valuation of almost $3 billion, Bloomberg reported. Investors rushed to buy the company's shares, despite denials from both Aurora and Coca-Cola that such a partnership was in the works.

That lit a fire under two other cannabis companies, Cronos and Canopy Growth, which gained 23.1 percent and 5.7 percent, respectively.

Recreational marijuana has been legalized in nine USA states and the nation's capital, and medicinal cannabis has been legalized in more than 30. Nahab's team had selected the Canadian company from a shortlist of four.

"Tilray is proud to support this crucial research", Dr. Catherine Jacobson, Director of Clinical Research at Tilray, said in a statement.

On top of being positive for the sector, the clinical trial supports Tilray's medical cannabis prospects as it competes with Smiths Falls, Ont. -based Canopy Growth in an intellectual property-arms race, said Cowen analyst Vivien Azer in a recent note.

While Privateer is run from the U.S., Tilray's operations are based in the former coal-mining town of Nanaimo on Vancouver Island, about 200 kilometers (125 miles) across the Juan de Fuca Straight from Seattle.

Tilray cultivates, processes and distributes cannabis extracts and dried flower products to patients, doctors and medical researchers around the world, including Britain.

Big shares gains like the one seen on Wednesday have been somewhat of a common occurrence for cannabis producers.

Aurora's shares were up 4.7% at C$11.38 on the Toronto Stock Exchange (TSX).

Tilray is investing in production capacity in Portugal so it can supply products to the European Union from within Europe, he said.

"Citron would like to inform investors of caution on the ongoing and real green rush", the firm said at the time.

The University of California San Diego's Center for Medicinal Cannabis Research announced September 18, 2018 that the DEA has approved their proposal to import capsules of extracted cannabis compounds CBD (cannabidiol) and THC (tetrahydrocannabinol) for use in research. Last year, Barrick earned more than $8 billion while Tilray's revenue was only at $20 million.

In a tweet fired out Wednesday, the Andrew Left-led research firm said the more than 800% gain in Tilray shares since their July initial public offering is "beyond comprehension" and that it is holding a manageable short position "until rationality sets in".

The stock may also be benefiting from a scarcity of shares. About a third of Tilray's float is sold short, according to financial analytics firm S3 Partners.

Battley told the Post that a US listing would broaden access of its stock to institutional investors who aren't allowed to trade OTC-listed stocks.


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