Tilray, Inc. (NASDAQ: TLRY) announced Wednesday that its subsidiary Tilray Portugal Unipessoal Lda. completed a successful harvest at the company's European Union campus in Portugal.
Why It’s Important
The successful harvest marks another milestone for the Canadian cannabis research, cultivation, production and distribution giant.
Tilray's previous milestones in Europe include becoming the first company to import medical cannabis into the region successfully. It was also the first North American producer to receive a Good Manufacturing Practice certification from the European Medicines Agency.
Through a partnership with generic pharmaceuticals and biosimilars company Sandoz AG, a Novartis AG (NYSE: NVS) company, Tilray said it has been able to expand medical cannabis access across the globe.
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To date, Tilray has invested roughly 20 million euros ($22.6 million) in the nearly 250,000 square-feet campus in Cantanhede, Portugal. The property has indoor and outdoor grow facilities, including greenhouse cultivation. Additionally, the campus houses research labs, processing, packaging and distribution sites for medical cannabis and products derived from cannabinoids.
If needed, the campus has additional room for expansion, Tilray said.
The campus has created 100 jobs, a number the company expects to double by the end of the year.
What’s Next
“Our harvest in Portugal is an exciting milestone for the company as we continue to build our multinational supply chain of high-quality medical cannabis,†said Sascha Mielcarek, Tilray's managing director in Europe.
“We look forward to utilizing the capacity of Tilray Portugal to supply the medical cannabis market in Europe as we expand our operations."
An official ribbon cutting is planned for the spring at the Portugese facility.
Tilray shares were trading up slightly at $76.92 at the time of publication Wednesday.
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