The Globe and Mail reports in its Tuesday edition that Tilray said Monday it aims to sell its shares for between $14 (U.S.) and $16 (U.S.) apiece (between $18.40 (Canadian) and $21 (Canadian)). The Globe's Christina Pellegrini writes that Tilray has applied to list in the United States on the Nasdaq. Tilray could be Canada's fourth-largest publicly traded marijuana firm behind Canopy Growth, Aurora Cannabis and Aphria. It is offering nine million subordinate voting shares that each carry one vote. Its higher-ranked shares, of which most are owned by Seattle's Privateer Holdings, carry three votes apiece. (After this financing, Privateer will still control 93 per cent of the votes.) The offering will be sold on both sides of the border by underwriting syndicates led by investment bank Cowen and Co. in the United States and BMO Nesbitt Burns in Canada. At $15 (U.S.) a share, and assuming the bankers make use of their option to buy up to 1.35 million more shares, Tilray will raise about $140-million (U.S.) from its initial public offering after expenses. Tilray will spend $53-million (U.S.) to expand its production capabilities and $37-million (U.S.) to repay debt that it borrowed from Privateer.