Case Study: Tilray, a global medical cannabis company, achieves a successful Nasdaq IPO and streamlined equity administration with Carta

Tilray - Customer Case Study

Tilray, a global leader in medical cannabis, faced the dual challenge of navigating heavy, evolving regulation and finding service providers willing to work with a cannabis company as it prepared to go public. Tilray had already been using Carta to manage equity while private, but needed to demonstrate strict transparency, governance and scalable ownership tracking to meet Nasdaq and investor requirements for an unprecedented U.S. IPO by a Canadian cannabis firm.

Carta supported Tilray’s public transition by serving as its transfer agent and equity plan administrator and by moving the company to the public-company instance of Carta’s platform. The vendor handled most of the implementation, provided a dedicated relationship manager for complex tax and jurisdictional questions, and enabled electronic equity administration that cut manual tracking, paper certificates and legal hours. As a result, Tilray successfully listed on Nasdaq—raising $153 million at $17 per share—and reports fewer errors, reduced legal fees, and anticipated ongoing cost savings thanks to Carta.

Tilray

Tom McGaugh

Director of Finance