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.
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.