Tilray shares rise 86 percent above this week's IPO price before pulling back slightly

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      Massive amounts of money have been made since yesterday morning on a Nanaimo-based cannabis company.

      Tilray shares were listed on NASDAQ on July 19 in an initial public offering—the first IPO of a Canadian cannabis company on a U.S. stock exchange.

      The stock was priced at US$17 in the IPO.

      By 10 a.m. today Pacific daylight time, the shares had risen to US$31.64.

      That's a whopping 86 percent increase.

      Since then, the the shares have fallen off slightly to US$29.08, which is still a huge gain from the morning of July 19.

      Tilray CEO Brendan Kennedy has made some U.S. and Canadian investment dealers very happy with this week's IPO on NASDAQ.

      Potential big winners are the Canadian and U.S. underwriters, which were given 30-day overallotments to buy up to 371,400 and 978,000 additional shares at the IPO price of $17.  

      Based on the recent stock gain, that alone is worth a paper profit of US$16.3 million.

      As a result of the rising share price, Tilray's market capitalization has reached US$2.68 billion—and that's before NASDAQ has even closed for the weekend.


      Tilray shares closed today at US$29.77, which is 75 percent higher than they were prices for the IPO. The company's market value is US$2.73 billion.