Company: Tilray, Inc.
Symbol: TLRY
Description: They are pioneering the future of medical cannabis research, cultivation, processing and distribution globally, and we intend to become a leader in the adult-use cannabis market in Canada once legalized.
Trade Date: 7/19
Shares: 9.0 million
Price Range: $14.00-$16.00
Underwriter(s): Cowen, Roth Capital, Northland Capital
Terms Added: 7-9-18
Business: They are pioneering the future of medical cannabis research, cultivation, processing and distribution globally, and they intend to become a leader in the adult-use cannabis market in Canada. They have supplied high-quality cannabis products to tens of thousands of patients in 10 countries spanning five continents through their subsidiaries in Australia, Canada and Germany and through agreements with established pharmaceutical distributors, and they produce medical cannabis in Canada and Europe.
They have been an early leader in the development of the global medical cannabis market. They were one of the first companies to be licensed by Health Canada to cultivate and sell medical cannabis in Canada, and also one of the first companies to become a licensed dealer of medical cannabis in Canada. The cannabis industry is rapidly expanding in Canada, with more than 100 other companies that are currently licensed, though only a few were licensed earlier than them, and there are hundreds more applications for licenses that are being processed by Health Canada. Their products have been made available in Argentina, Australia, Canada, Chile, Croatia, Cyprus, the Czech Republic, Germany, New Zealand and South Africa. While there are others licensed to cultivate and sell medical cannabis operating in multiple countries, including some licensed in Canada, and other non-cannabis companies expanding into the cannabis market internationally, they were the first company to legally export medical cannabis from North America to Africa, Australia, Europe and South America, and they were among the first companies to be licensed to cultivate and process medical cannabis in two countries, Canada and Portugal.
Financials: Their revenue was $12.6 million and $20.5 million and their net loss was $7.9 million and $7.8 million in 2016 and 2017, respectively. In the first quarter of 2018, their revenue increased 55.3% to $7.8 million and their net loss increased from $679 thousand to $5.2 million. The increase in net loss reflects 144% increase in sales and marketing expense due to market expansion. General and administrative expenses increased by 181% relating to growth and expansion, as well as cost related to the offering
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