The Globe and Mail reports in its Tuesday, Sept. 4, edition that Tilray chief executive officer Brendan Kennedy is a seriously smart guy. The Globe’s Andrew Willis writes that Mr. Kennedy had the good sense to start investing in marijuana producers seven years ago. Mr. Kennedy just made serious money taking his company public on Nasdaq. Tilray sports a $6-billion (U.S.) market capitalization. Tilray has won a dedicated following among United States retail investors. You would think rival CEOs at privately owned cannabis businesses would be scrambling to emulate Mr. Kennedy’s approach by filing for an initial public offering on a U.S. exchange. Canopy Growth has seen a similar upswing in U.S. investor interest since listing on the New York Stock Exchange in May. Yet few of Mr. Kennedy’s peers plan to follow the path that Tilray so successfully forged. Observers predict the dozens of cannabis companies lined up to stage IPOs will head to Canadian markets. The bulk of the action will continue to be on the Canadian Securities Exchange, which set records for financing activity over the first half of the year by hosting 25 marijuana-related IPOs that raised a total of $1-billion.
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