Global Cannabis Market to Hit $42.7 Billion By 2024, According To Updated Report From Arcview Group, BDS Analytics

COLORADO: Legal cannabis sales grew 45.7% to $14.9 billion in 2019, led primarily by adult-use markets in Canada, California and Massachusetts, and supplemented by the unique approach to medical markets in Florida and Oklahoma, according to the “2020 Update to The State of Legal Cannabis Markets” (SOLCM) report released today from Arcview Market Research (“Arcview Group”) and BDS Analytics.

This worldwide growth estimate is on par with the forecast in the original SOLCM, released in June 2019, and reflects the highest annual growth rate to date. This new data is in stark contrast with the mere 17% growth seen in 2018, due in large part to the shrinkage in California following the launch of adult-use sales on January 1, 2018. As a result of expected growth in key adult-use markets in the U.S. and Canada, Arcview Group has updated their 2024 forecast to $42.7 billion in worldwide legal cannabis sales.

“The legal cannabis market grew by 46% in 2019 despite challenges caused by overregulation and overtaxing in the two biggest markets; California and Canada,” said Troy Dayton, Founder and Chief Strategy Officer of The Arcview Group. “That is a true testament to just how popular cannabis is among consumers and the ongoing impact of new markets coming online and maturing. The possibilities are boundless as political progress opens up more markets across the world, and struggling markets sort out their regulatory framework.”

“By loosening product restrictions and adopting a more free-market approach to licensing, Florida, for example, has started to realize the potential of medical cannabis sales in a populous state,” said Tom Adams, managing director and principal analyst at BDS Analytics. “However, what we’re seeing in Oklahoma is a light regulatory touch and low tax rates, which allows citizens to access the health benefits of cannabis, out-perform the illicit market, and create a healthy tax revenue stream directly to the state’s government.”

Other key trends analyzed in the 2020 Update to The State of Legal Cannabis Markets include:

  • Bustling activity in states such as Illinois, Maryland, and Oklahoma helped boost overall spending growth nationwide, which came out to $12.2 billion across the United States and an anticipated compound annual growth rate (CAGR) of 22.7%.
  • New licensed retailer openings in Ontario and other populous provinces have smoothed out supply chain kinks, creating a better product flow and ultimately improved sales in 2019. “Cannabis 2.0” also expanded product offerings beyond flower and oil in mid-December 2019, with limited impact on sales in 2019, but projected sales acceleration in 2020.
  • Legal medical cannabis spending beyond the U.S. and Canada more than doubled in 2019, from $367 million to $840 million, driven by Germany and Mexico’s markets.

The 55-plus page report is available free to all buyers of the $497 The State of Legal Cannabis Markets, 7th Edition, or as part of the Cannabis Intelligence Briefing Series subscription service from Arcview Market Research and BDS Analytics for $1,975.

High Park Farms Begins Cannabis Cultivation in Ontario

CANADA: High Park Farms has announced that cannabis cultivation has begun at its state-of-the-art greenhouse in Enniskillen, Ontario following the successful arrival of thousands of live cannabis plants from Nanaimo, British Columbia. The arrival of the plants marks a major milestone for High Park as the company rapidly scales its operations in anticipation of the historic legalization of cannabis for adult-use in Canada expected to occur later this year.

“British Columbia is known around the world for its rich cannabis culture and the quality of its cannabis genetics,” said Adine Fabiani-Carter, Chief Marketing Officer at High Park. “We’re proud to bring high-quality cannabis genetics from British Columbia to Ontario to be ready for adult-use legalization anticipated later this year.”

The plant transfer, which occurred over the course of 36 hours last week, took thousands of healthy cannabis plants on a journey of more than 4,100 kilometres from Vancouver Island, British Columbia to Lambton County, Ontario. A carefully choreographed process involving a team of drivers, pilots, growers, production managers and security personnel ensured the health and safety of the plants. The plants rode an early-morning ferry from Nanaimo to Horseshoe Bay, then departed from Vancouver International Airport on a chartered, cargo-configured, Boeing 757. Upon landing at Hamilton International Airport, the plants made the final leg of the trip to High Park Farms in Enniskillen via climate-controlled tractor-trailers.

High Park Farms, which is anticipated to represent an investment of up to $30 million, received its federal license from Health Canada to cultivate cannabis under the Access to Cannabis for Medical Purposes Regulations (ACMPR) on April 13, 2018. The facility features 13 acres of greenhouse on 100 acres of property. Its first harvest is anticipated in June. In accordance with the Cannabis Act introduced in Canadian parliament in April 2017, High Park Farms anticipates that its ACMPR cultivation license will provide the company the ability to supply the adult-use cannabis market in Canada once the legislation is adopted.

 

Tilray Forms Strategic Alliance With Leading Pharmaceutical Company In Canada

CANADA: Tilray, a federally licensed producer of medical cannabis, announced today that it has signed a binding letter of intent (LOI) to be the exclusive collaborator of a major pharmaceutical company to accelerate innovation and increase availability of high quality medical cannabis products. Through this LOI and the anticipated definitive agreements, Tilray is allied with Sandoz Canada Inc. (Sandoz Canada), an affiliate of Sandoz International GmbH, a global leader in generic pharmaceuticals and biosimilars and part of the Novartis Group.

This strategic alliance represents another major milestone in the recognition of medical cannabis and cannabinoids as conventional medicine. Tilray is a global pioneer in medical cannabis research, production and distribution, and was the first medical cannabis company to obtain current Good Manufacturing Practice (cGMP) certification in accordance with the European Medicines Agency’s (EMA) standards. Tilray currently supplies tens of thousands of patients with high-quality, cGMP-certified products in ten countries spanning five continents.

This agreement builds on Tilray’s pioneering track-record as a company committed to making pharmaceutical-grade medical cannabis products available to patients in need. In addition to the agreement with Sandoz Canada, Tilray has formed strategic partnerships with NOWEDA, one of Germany’s largest pharmaceutical distributors, which distributes Tilray products to more than 20,000 pharmacies across Germany, and Shoppers Drug Mart, Canada’s largest pharmacy chain.

“This agreement is a major milestone on the long road to legitimizing medical cannabis as conventional medicine,” said Brendan Kennedy, Tilray Chief Executive Officer. “Tilray is pleased to be, what we believe is, the first federally licensed producer of medical cannabis to form a strategic alliance with a local affiliate of a global pharmaceutical company to improve the availability and quality of medical cannabis products for Canadian patients in need.”

Tilray Announces Completion Of Series A Funding Round Led by Global Institutional Investors

C$60 million Series A financing will enable Tilray to increase production capacity and expand distribution in North America and Europe

CANADA:  Tilray has announced the completion of its Series A funding round totaling C$60 million. The round was comprised of a group of leading global institutional investors.

According to a company press release, Tilray will use the new funding to increase its existing production capacity in North America, to continue to build its European Union campus in Portugal, and to expand availability of its products to more patients and pharmacies around the globe. The terms of the Series A funding round, including Tilray’s valuation, were not disclosed.

Tilray, federally licensed in Canada and Europe, currently sells pharmaceutical-grade, GMP-certified medical cannabis products to tens of thousands of patients in eight countries. The company supplies hospitals, pharmacies and pharmaceutical distributors on four continents, and has signed supply agreements with NOWEDA, one of Germany’s largest pharmaceutical wholesalers, and Shoppers Drug Mart, Canada’s largest pharmacy chain.

Since its founding in 2014, Tilray has been wholly-owned and solely funded by Privateer Holdings, the world’s leading private equity firm investing exclusively in legal cannabis. Tilray’s Series A funding round marks the first time that outside investors have invested directly into a Privateer Holdings portfolio company. With its Series A funding and incorporation, Tilray is positioned to operate and finance its growth independent of Privateer Holdings.

Legislation Key For The Legal Cannabis Market

NEW YORK: The global legal cannabis market was valued at $14.3 billion in 2016 and is forecast to grow at a CAGR of 21.1% between 2017 to 2024, reaching $63.5 billion by 2024, according to a report by Ameri Research.

The market is going through a period of robust growth thanks to increasing legalization and decriminalization of cannabis products across North America and Europe. The report specifies that due to the complex regulatory structure at state and federal level, the full probable value of the market is not yet clear. A recent report published by Arcview Market Research explains that growth of the legal cannabis industry will reaccelerate beginning 2018, as adult use sales rise in CanadaCalifornia, and Massachusetts along with medical sales in Florida.

Major markets for the cannabis industry such as the state of California, where legal sales of recreational products have begun on January 1st, are expected to become examples of how to manage the new and growing cannabis industry. Giadha Aguirre de Carcer, New Frontier Data CEO, explained, “Significant changes are already underway in California for medical cannabis and adult use laws, which we see will have major implications for the cannabis industry, including ecommerce and delivery services in the state… As the largest state in the country – and the largest potential market for cannabis products – the implications for the growth of the industry because of California’s adult use market cannot be overstated.”

DOJA ​​Cannabis ​​And ​​Tokyo ​​Smoke ​​Announce ​Merger

Merger ​​creates ​​Canada’s ​​first ​​retail- ​​& ​​brand-focused ​​cannabis ​​producer

  • Two ​​Canadian ​​cannabis ​​lifestyle ​​brands ​​join ​​forces ​​in ​​a ​​transformational ​​transaction, ​​bringing ​​together industry ​​leading ​​management ​​teams, ​​British ​​Columbia ​​curated ​​handcrafted ​​cannabis ​​production, ​​a portfolio ​​of ​​visionary ​​brands ​​and ​​a ​​growing ​​nationwide ​​retail ​​footprint.
  • Provides ​​the ​​first ​​public ​​markets ​​investment ​​opportunity ​​focused ​​on ​​cannabis ​​retail ​​and ​​brand; high-margin ​​verticals ​​with ​​significant ​​growth ​​potential.
  • A ​​strategic ​​financing ​​of ​​$12.5 ​​million ​​led ​​by ​​Aphria ​​Inc. ​​will ​​bolster ​​the ​​combined ​​company’s ​​cash ​​position to ​​approximately ​​$31 ​​million, ​​which ​​the ​​company ​​plans ​​to ​​invest ​​in ​​scaling ​​up ​​production ​​capacity, expanding ​​its ​​retail ​​footprint ​​and ​​further ​​building-out ​​its ​​portfolio ​​of ​​cannabis ​​brands.

CANADA: Cannabis ​​Company ​​Limited ​​​(“DOJA”)​ ​​and ​​TS ​​Brandco ​​Holdings ​ ​​​(“Tokyo ​​Smoke​“) have ​​announced ​​that ​​they ​​have ​​entered ​​into ​​a ​​binding ​​Letter ​​of ​​Intent ​ ​​​setting ​​out ​​the ​​terms ​​pursuant ​​to ​​which ​​​DOJA ​​proposes ​​to ​​acquire ​​all ​​of ​​the ​​issued and ​​outstanding ​​shares ​​in ​​the ​​capital ​​of ​​​Tokyo ​​Smoke ​​.  ​​ ​​It ​​is ​​anticipated ​​that ​​the ​​combined company ​​resulting ​​from ​​the ​​Merger ​​will ​​use ​​the ​​name ​​”Hiku ​​Brands ​​Company ​​Ltd.”

Concurrently, ​​DOJA ​​announced Aphria ​​has ​​committed ​​to ​​make ​​a ​​$10 million ​​strategic ​​equity ​​investment ​​into ​​Hiku. ​​Additionally, ​​the ​​parties ​​have ​​agreed ​​on ​​the ​​terms ​​of ​​a ​​supply agreement, ​​to ​​be ​​entered ​​into ​​in ​​connection ​​with ​​the ​​Merger ​​to ​​secure cannabis ​​concentrate ​​supply ​​for ​​Hiku’s ​​premium ​​brand ​​portfolio.

Upon ​​completion ​​of ​​the ​​Merger, ​​the ​​Company ​​will ​​have ​​a ​​robust ​​cash ​​position ​​of ​​approximately ​​$31 million, ​​which ​​it ​​plans ​​to ​​invest ​​in ​​expanding ​​its ​​cannabis ​​production ​​capacity, ​​growing ​​its ​​retail ​​footprint, and ​​adding ​​select ​​brands ​​to ​​its ​​portfolio ​​through ​​highly ​​strategic ​​and ​​complementary ​​acquisitions.

DOJA’s ​​Board ​​of ​​Directors ​​and ​​Tokyo ​​Smoke’s ​​Board ​​of ​​Directors ​​have ​​approved ​​the ​​Merger.

Highlights ​​of ​​the ​​Transformational ​​Transaction

  • Creation ​​of ​​the ​​first ​​retail-focused, ​​craft ​​cannabis ​​producer ​​with ​​​​portfolio ​​of ​​leading lifestyle ​​cannabis ​​brands: ​​​Hiku ​​will ​​be ​​differentiated ​​as ​​the ​​only ​​Canadian ​​craft ​​cannabis producer ​​with ​​significant ​​national ​​retail ​​presence ​​and ​​a ​​growing ​​portfolio ​​of ​​premium ​​cannabis lifestyle ​​brands ​​including ​​DOJA, ​​Tokyo ​​Smoke, ​​and ​​Van ​​der ​​Pop, ​​appealing ​​to ​​a ​​wide ​​variety ​​of consumers ​​across ​​Canada ​​and ​​globally.
  • Well ​​positioned ​​to ​​capitalize ​​on ​​Canada’s ​​recreational ​​cannabis ​​market ​​through ​​retail:
    Hiku ​​has ​​multiple ​​highly ​​recognizable ​​brands ​​and ​​strategies ​​in ​​place ​​to ​​operate ​​retail ​​cannabis stores ​​across ​​various ​​provinces​​​​Vertically ​​integrated ​​operations ​​position ​​Hiku ​​to ​​offer ​​exclusive products ​​in ​​Hiku-owned ​​stores ​​and ​​achieve ​​superior ​​margins ​​versus ​​peers.
  • Licensed ​​producer ​​under ​​the ​​​Access ​​to ​​Cannabis ​​for ​​Medical ​​Purposes ​​Regulations
    (ACMPR): ​​​7,100 ​​square ​​foot ​​production ​​facility ​​licensed ​​by ​​Health ​​Canada. ​​DOJA’s ​​second facility, ​​a ​​22,580 ​​sq ​​ft ​​warehouse, ​​will ​​house ​​the ​​FUTURE ​​LAB. ​​The ​​FUTURE ​​LAB ​​is ​​targeting ​​its Phase ​​1 ​​completion ​​by ​​Q2 ​​2018 ​​and ​​once ​​the ​​facility ​​is ​​fully ​​built-out ​​utilizing ​​an ​​industry ​​leading multi-tier ​​system ​​powered ​​by ​​LED ​​lighting ​​provided ​​by ​​Fluence ​​BioEngineering, ​​DOJA’s ​​annual production ​​capacity ​​is ​​expected ​​to ​​be ​​in ​​excess ​​of ​​5,000 ​​kgs.
  • Retail ​​locations ​​from ​​Eastern ​​to ​​Western ​​Canada, ​​with ​​plans ​​to ​​expand: ​​​Hiku ​​will ​​have seven ​​operational, ​​legal ​​cannabis ​​accessory ​​stores ​​with ​​locations ​​across ​​Canada ​​(Ontario, Alberta ​​and ​​British ​​Columbia), ​​representing ​​an ​​unprecedented ​​platform ​​to ​​build ​​brand ​​awareness and ​​reach ​​consumers. ​​Hiku ​​will ​​prioritize ​​retail ​​expansion ​​in ​​provinces ​​allowing ​​private ​​cannabis retail ​​and ​​Tokyo ​​Smoke ​​and ​​DOJA ​​will ​​respond ​​to ​​the ​​Government ​​of ​​Manitoba’s ​​Request ​​for Proposals ​​to ​​establish ​​retail ​​cannabis ​​stores ​​throughout ​​the ​​province.
  • Strategic ​​Partnership ​​with ​​Aphria: ​ ​​Aphria’s ​​strategic ​​investment ​​into ​​Hiku ​​marks ​​Aphria’s ​​first venture ​​into ​​British ​​Columbia’s ​​premium ​​cannabis ​​market. ​​Combined ​​with ​​the ​​Supply ​​Agreement, the ​​partnership ​​with ​​Aphria ​​brings ​​unparalleled ​​experience ​​in ​​cannabis ​​production ​​and ​​ensures secured ​​supply ​​for ​​what ​​is ​​expected ​​to ​​be ​​a ​​supply-constrained ​​market ​​at ​​the ​​onset ​​of legalization.
  • Led ​​by ​​industry ​​leading ​​management ​​and ​​team​: ​​Hiku ​​management ​​has ​​​breadth ​​and ​​depth ​​of expertise, ​​with ​​a ​​proven ​​track ​​record ​​of ​​building ​​and ​​scaling ​​businesses, ​​including ​​SAXX Underwear ​​and ​​a ​​$100 ​​million+ ​​business ​​at ​​Google. ​​The ​​supporting ​​team ​​brings ​​expertise ​​from the ​​retail, ​​cannabis, ​​finance, ​​design, ​​marketing ​​and ​​creative ​​fields.
  • Well ​​capitalized ​​for ​​local ​​and ​​global ​​growth:​​Post-Merger, ​​Hiku ​​is ​​expected ​​to ​​have ​​a ​​cash balance ​​of ​​approximately ​​$31 ​​million ​​and ​​to ​​be ​​well ​​positioned ​​to ​​expand ​​within ​​the ​​Canadian market ​​and ​​enter ​​into ​​the ​​emerging ​​global ​​cannabis ​​markets.
  • Enhanced ​​capital ​​markets ​​profile: ​​​The ​​combined ​​entity ​​post-financing ​​is ​​anticipated ​​to ​​have ​​a basic ​​market ​​capitalization ​​of ​​approximately ​​$175 ​​million ​​at ​​the ​​transaction ​​price, ​​as ​​well ​​as increased ​​trading ​​liquidity ​​for ​​existing ​​and ​​prospective ​​shareholders.

Canadian Cannabis Companies Seeking Higher Stakes in Australian Market

CANADA: As investor excitement continues to climb in Canada over the upcoming legalization of cannabis on July 1, 2018, major Canadian companies are already setting their sights on the next big legal cannabis market-Australia.

Big players in the Canadian cannabis space already have started to stake claims “Down Under” where medical cannabis is beginning to take hold.  Notable companies include Aurora Cannabis (TSX: ACB), Canopy Growth Inc. (TSX: WEED) (OTC: TWMJF), CannTrust Holdings Inc. (CSE: TRST) (OTC: CNTTF), MedReleaf Corp. (TSX: LEAF) (OTC: MEDFF), and MYM Nutraceuticals Inc. (CSE: MYM) (OTC: MYMMF).

Australian consumers are already undergoing a very quick renaissance into the cannabis market, with several developments happening in the past few months.

After Australia’s federal decision that low-THC hemp seeds were fit for human consumption, almost instantly hemp beer and other related products hit the market.

Australian-listed companies are already starting to see major gains, as the country’s first corporate cannabis production is set to begin in 2018.

Stock prices on several Australian companies are beginning to take off, as the reality of Australia as a viable cannabis market for years to come, sets in.

Israel’s Tikun Olam Continues U.S. Expansion

Deal with DC Cultivator Alternative Solutions Brings Renowned Cannabis Products to the Nation’s Capital 

NEW YORK:  Tikun Olam, a leading Israeli cannabis brand and pioneer in cannabis research, continues its U.S. expansion by partnering with Washington DC cultivator Alternative Solutions. The just-inked licensing deal allows Alternative Solutions to grow, manufacture and distribute Tikunbranded products to all five District of Columbia dispensaries.

Tikun Olam’s award-winning premium cannabis products are backed by years of peer-reviewed scientific research and unprecedented clinical data collection, which has shown to deliver symptomatic relief to those suffering from specific conditions such as cancer, PTSD, epilepsy, Crohn’s Disease/Colitis, chronic pain and neuropathy, to name a few. At the  held November 30 in Toronto, Tikun strains took First place in three categories: Top High THC Flower (Eran Almog), Top High CBD Flower  (Avidekel), and Top High CDB Oil (Avidekel), in addition to placing Second in Top Hybrid Flower (Midnight). Tikun’s full line of proprietary strain products–from flower, vape, topicals and tinctures–will be available in Washington DC  beginning in 2018.

“Alternative Solutions is thrilled to be Tikun Olam’s exclusive partner in DC,” says Matt Lawson-Baker, COO of Alternative Solutions. “We look forward to making Tikun’s products available at all DC dispensaries, giving access to these clinically proven strains to the more than 5,600 registered MMJ patients in Washington DC.”

The new five-year deal with Alternative Solutions is the latest in a series of licensing agreements struck since Tikun’s U.S. launch in 2015 in Delaware. The recent announcement with the MariMed cannabis network will introduce Tikun’s exclusive strains and products in medical marijuana dispensaries in Rhode Island, Maryland, Massachusetts and Illinois in 2018. Tikun™ products also launched in Nevada in March 2017 and in Washington State in November.

Tilray Exports Medical Cannabis Genetics To The European Union

PORTUGAL: Tilray, a GMP-certified global leader in medical cannabis research and production, today announced that the company has successfully exported live medical cannabis genetics from its flagship British Columbia, Canada facility to its European Union Campus in Cantanhede, Portugal. The announcement is the first time a company has legally exported live cannabis genetics from North America to Europe and marks another strategic milestone as Tilray develops its EU Campus into the region’s leading medical cannabis research and production facility.

“Tilray is proud to bring our medical cannabis research and production expertise to the European Union to better serve patients, health care providers, and researchers throughout the continent,” said Brendan Kennedy, Tilray CEO. “Bringing live plants to Portugal is another important milestone for our company and our industry.”

In September, Tilray announced plans to invest up to €20 million in a European Union Campus (EU Campus) after receiving licenses to import genetics and cultivate medical cannabis from the Government of Portugal. To establish the EU Campus, Tilray is investing in multiple facilities located in and around the BIOCANT Research Park in Cantanhede. The EU Campus will include indoor and greenhouse cultivation sites, as well as facilities to process, package, and distribute medical cannabis and cannabinoid-derived medical products. As a part of the BIOCANT biotechnology and life sciences research park, the EU Campus will serve as a hub supporting Tilray’s clinical research and product development efforts across Europe.

Phase one of the project, which is expected to be complete in the first half of 2018, includes an indoor laboratory and genetics bank (completed), a 10,000 m2 greenhouse (under construction), and a 3,000 m2 processing facility (under construction). Subsequent phases, which are expected to be completed by 2020, will add 15,000 m2 of greenhouse cultivation space and another 3,000 m2 for processing. Over the next three years, the project is expected to create 100 direct jobs, including highly skilled positions.

Tilray is investing aggressively to expand its operations in the European Union in response to considerable unmet need for high-quality medical cannabis. In October, Tilray achieved two other strategic milestones in the EU by becoming the first medical cannabis licensed producer to import full-spectrum medical cannabis extract products into Germany for nationwide distribution through pharmacies and the first licensed medical cannabis producer to sign an agreement with an established pharmaceutical wholesaler (NOWEDA). As the first full-spectrum extracts available in Germany, Tilray’s products are an important addition to Germany’s pharmaceutical market for medical cannabis products. Tilray products are also currently available in the EU member states of Croatia and Cyprus. In the coming months, the company plans to announce additional EU exports and research partnerships.

Tilray Receives License to Produce Medical Cannabis In The European Union

Company Announces €20 Million Investment to Build EU Campus and Begin Operations this Year

PORTUGAL: Tilray has announced plans today to invest up to €20 million in a European Union Campus after receiving licenses from the Government of Portugal to import cannabis genetics and to cultivate cannabis for medical purposes.

“Tilray’s EU Campus is another strategic milestone as we aim to build the world’s most trusted and admired medical cannabis brand,” said Brendan Kennedy, Chief Executive Officer of Tilray. “For the past two years we’ve been working hard to find the right location for cultivation, processing, and research facilities to serve rapidly growing demand for high-quality medical cannabis products in Europe. Portugal has the ideal climate to cultivate cannabis, a highly-skilled health care workforce, and a vibrant research community. It’s more environmentally-friendly and cost-effective to supply European patients from Portugal than from northern climates.”

State-of-the-Art EU Campus Will Begin Operations This Year

To establish the EU Campus, Tilray will invest up to €20 million through its affiliate, Tilray Portugal Unipessoal Lda., in multiple facilities located in and around the BIOCANT Research Park in Cantanhede, Portugal. The EU Campus will include indoor, outdoor, and greenhouse cultivation sites, as well as facilities to process, package, and distribute medical cannabis and cannabinoid-derived medical products. As a part of the BIOCANT biotechnology and life sciences research park, the EU Campus will serve as a hub supporting Tilray’s clinical research and product development efforts across Europe.

Tilray is currently leasing laboratory and indoor cultivation space within BIOCANT. This month, Tilray will begin construction on a greenhouse and a processing facility on property purchased by the company. Phase one of the project, which is expected to be complete by spring of 2018, includes an indoor laboratory and genetics bank, outdoor cultivation sites, a 10,000 m2 greenhouse, and a 1,500 m2 processing facility. Subsequent phases, which are expected to be completed by 2020, will add 15,000 m2 of greenhouse cultivation space and another 1,500 m2 for processing. Over the next three years, the project is expected to create 100 direct jobs, including highly-skilled positions.

EU Campus Accelerates Tilray’s Global Expansion Strategy

In response to considerable unmet need for high-quality medical cannabis, Tilray is investing aggressively to expand its operations around the world. In addition to Tilray Portugal Unipessoal Lda., Tilray has wholly-owned subsidiaries in Germany (Tilray Deutschland GmbH), Canada (Tilray Canada Ltd.), and Australia and New Zealand (Tilray Australia and New Zealand Pty. Ltd.).

Tilray has a proven track record as a global pioneer in the medical cannabis industry:

  • In 2014, Tilray was one of the first companies to be federally-licensed to cultivate, process and distribute medical cannabis in Canada.
  • In December 2016, Tilray became the first medical cannabis licensed producer in North America to be GMP-certified in accordance with the European Medicines Agency’s (EMA) Good Manufacturing Practice (GMP) standards. GMP certification is the most rigorous standard that manufacturers of medical products must meet in their production processes. In countries new to medical cannabis, GMP certification provides regulators and health care providers with certainty that Tilray products are a safe and smart choice.
  • In 2016 and 2017, Tilray launched clinical research partnerships with world-leading hospitals and universities to study the safety and efficacy of medical cannabis for a diverse range of conditions, including post-traumatic stress disorder (PTSD), chronic obstructive pulmonary disorder (COPD), pediatric epilepsy, and chemotherapy-induced nausea and vomiting (CINV).
  • Throughout the last year, Tilray became the first company to legally export medical cannabis products from North America to the European Union, Australia, New Zealand, and South America. Tilray products are currently available in six countries spanning four continents.

By the end of 2017, Tilray expects to export medical cannabis products to five more countries. The company also anticipates announcing federal licenses from additional countries, as well as research partnerships in Portugal, Germany, and other countries around the world.

Tilray Portugal Timeline

Tilray executives first visited Portugal in 2015. After conducting extensive due diligence, consultation with stakeholders, and a country-wide property search, Tilray reached a Memorandum of Understanding with the Government of Portugal in October 2016. Tilray Portugal Unipessoal Lda. was incorporated in March 2017. The company purchased property in Cantanhede in July 2017.