Today's Top Marijuana Stock News: Tilray's IPO, TGOD's Spinoff

Cannabis companies around the world have been making waves lately. Here are three of the biggest stories investors were talking about today:

Tilray’s IPO

Tilray Inc TLRY entered the public markets Thursday, becoming the first cannabis-producing company to debut on a major American exchange.

Other marijuana companies have been listed before — two of the most high profile being Canopy Growth Corp CGC and Cronos Group Inc CRON — but they all listed on exchanges in other countries before coming to the U.S.

Tilray’s IPO was handled in two parts: a U.S. listing and a Canadian listing. They were booked by Cowen and BMO Capital Markets, respectively.

Shares soared on their first day of trading. Pricing in at $17 — above the $13-16 range Wall Street was expecting — Tilray steadily climbed to a high of $24 before pulling back a bit to close at $22.70.

The offering brought in approximately $153 million for Tilray, a strong signal that the days of suspicious cannabis penny-stocks are passing by.

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TGOD’s Spinoff

The Green Organic Dutchman Holdings Ltd TGODTGODF, a.k.a. TGOD, announced plans to spin off a new company: TGOD Acquisitions, which will focus on acquiring and developing cannabis companies around the world. TGOD will provide the spin-off company $25 million of working capital.

TGOD has been in discussion with these companies and doesn't consider them core assets in the company’s business plan, management said in a press release.

TGOD shareholders will be issued one warrant per 6.67 TGOD shares owned on the record date (to be determined). Each warrant will allow holders to acquire one TGOD acquisition share, plus another warrant, for 50 cents. The additional warrants will be triggered by a secondary offering once the first is completed.

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