"Today is a big milestone in that shift in the mainstreaming of this industry," Tilray CEO Brendan Kennedy told TheStreet on IPO day. "Over the past year, we have met with hundreds of institutional investors around the world. One of the things I am really proud of in the IPO is that 70% of the investors are in the U.S. and most had never invested in this industry before while 18% are from Canada and 12% are international."
Tilray, a Canadian company, became the first marijuana producer to IPO on a US-based exchange. The company's shares soared on its first day of trading on the Nasdaq, an indication that public markets are bullish on pot. Tilray CEO Brendan Kennedy told Business Insider in an interview that institutional investors wanted to see a marijuana producer list on a US exchange before putting money into the industry.