The first U.S. marijuana stock is set to IPO tomorrow

This year, the first two straight-up marijuana stocks joined the New York Stock Exchange and the Nasdaq. This week, the cannabis industry could cross another milestone: The first pure-play marijuana IPO on a major U.S. exchange.

Canadian medical-pot producer Tilray, which would-be first U.S. marijuana IPO, says it expects to price shares on Wednesday after the market close and begin trading Thursday. Shares are expected to trade on the Nasdaq under the ticker “TLRY.” The company filed a registration statement for the proposed offering in June and has applied to list on the Nasdaq Global Select Market.

Along with being the U.S.’ first pure-play marijuana IPO, Tilray would be the third marijuana stock to list on a major U.S. exchange. Canopy Growth (CGC), which already traded in Canada under the ticker “WEED,” first listed on the New York Stock Exchange in May. Cronos Group (CRON), which also traded in Canada initially, first listed on the Nasdaq in February. But those listings were not technically IPOs…

An IPO could also fund Tilray’s global ambitions, particularly in the European Union and in Germany. Canopy Growth last month also pegged Germany as a