July 20, 2018 / 2:51 PM / 8 months ago

BUZZ-Tilray: Smokin' higher

** Canadian medical marijuana co Tilray Inc jumps >18 pct and is among biggest Nasdaq winners on Fri. Stock now up more than ~50 pct from IPO price in second day of trading

** Tilray, first weed IPO in U.S., soared on Thurs after co priced its offering at $17/sh, a buck above the $14-$16 marketed range

** IPO raised ~$153 mln and valued Tilray at ~$2 bln. Co intends to use offering proceeds to pay down debt and expand facilities in Canada and Portugal

** Seattle-based private equity firm Privateer Holdings continues to own 82 pct of Tilray

** Co’s IPO comes when many Canadian weed producers, including Cronos Group and Canopy Growth Corp , have come off their peaks

** Recreational use of cannabis will be legal in Canada from Oct and investors have piled into Canadian weed stocks in anticipation. But some exuberance has worn off on high valuations and strict rules on labeling and branding

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