Tilray files for IPO, after Canada legalizes marijuana

Participant in the Toronto Global Marijuana March 2018. Photo by Arindam Shivaani/NurPhoto via Getty Images

Tilray, a Canadian cannabis cultivation and distribution company owned by Privateer Holdings, filed for a $100 million IPO.

Why it's a big deal: The filing came just one day after Canada's Senate voted to legalize recreational cannabis sales. Tilray currently focuses on medicinal marijuana, but says it will move into the "adult-use" space once legalization is implemented this October.