In anticipation of the historic legalization of adult-use cannabis in Canada, Tilray announced the creation of wholly-owned subsidiary High Park to produce and distribute a broad-based portfolio of cannabis brands and products. The company also announced that it is making an investment of up to $10 million in a new facility located in London, Ontario to process and distribute finished cannabis products.
“Excitement is building for the launch of the world’s largest federally legal cannabis market and High Park will be a part of history when it happens,” said Brendan Kennedy, Tilray CEO. “We are proud that the addition of High Park will bring our total investment in Canada to more than $100 million and grow our Canadian workforce to more than 500 professionals in the next several years.”
Cultivation and processing facilities
Tilray and its affiliates currently own and operate one of the world’s most sophisticated, federally-licensed medical cannabis cultivation and processing facilities, located in Nanaimo, British Columbia. The $30 million facility will continue to serve the medical cannabis market in Canada and internationally.
In response to rapidly growing global demand for cannabis products, Tilray previously announced an investment of up to $30 million in a second facility featuring 13 acres of greenhouse located on 100 acres of property in Enniskillen, Ontario. The facility, now called High Park Farms, is currently under construction and is expected to begin cultivating cannabis in the first half of 2018 subject to the receipt of necessary regulatory approvals.
High Park will invest up to $10 million in a third facility located in London, Ontario. The 56,000 square foot facility will process dried cannabis grown at High Park Farms into finished products. The High Park processing facility is expected to begin operations in the third quarter of 2018 subject to the receipt of necessary regulatory approvals.
The addition of High Park will bring Tilray’s total investment in Canada to more than $100 million and grow the company’s Canadian workforce to more than 500 professionals in the next several years.
National supply partnerships
In anticipation of adult-use legalization, Tilray has formed partnerships to supply Quebec and Manitoba with adult-use cannabis products. Tilray expects to sign additional supply agreements with crown corporations or private entities in other provinces and territories this year and will fulfill these agreements through High Park.
For more information:
www.highparkcompany.com
www.tilray.ca
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