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Nanaimo cannabis producer Tilray Inc., will be valued between US$1.3 billion and $1.5 billion when its shares begin trading on the Nasdaq Stock Market in the coming weeks, according to forms filed with the U.S. Securities and Exchange Commission on Monday.

Tilray, Canada’s last large licensed marijuana producer to go public, expects to issue 9 million new shares in the initial public offering, priced between US$14 and $16.

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The IPO will give Tilray an additional US$126 to $144 million, which it intends to use to pay off debt and expand its facilities on Vancouver Island, in Enniskillen and London, Ont. and in Portugal.

Tilray, which is backed by Seattle-based cannabis investment firm Privateer Holdings Inc., will be the third Canadian cannabis company to list on a major American exchange. In February, Cronos Group Inc. became the first LP to list on the Nasdaq. Canopy Growth Corp. listed on the New York Stock Exchange in May.