"Today is a big milestone in that shift in the mainstreaming of this industry," Tilray CEO Brendan Kennedy told TheStreet.. "Over the past year, we have met with hundreds of institutional investors around the world. One of the things I am really proud of in the IPO is that 70% of the investors are in the U.S. and most had never invested in this industry before while 18% are from Canada and 12% are international."
Tilray was the first cannabis company to hold an initial public offering in the U.S. after shares were priced Wednesday at $17 a share, higher than Wall Street expected. Kennedy told TheStreet's Executive Editor Brian Sozzi there was "tremendous interest" in the IPO during the roadshow.
Tilray is the first pure-play cannabis company to IPO in the U.S., but it's not the only marijuana stock trading on a major U.S. exchange. Canopy Growth Corp. (CGC) began trading on the New York Stock Exchange in May, and Cronos Group Inc. (CRON) was listed on the Nasdaq in May. Neither of those debuts were technically initial public offerings.