Tilray® Announces Agreement to Export First Shipment of Medical Cannabis From Portugal to Germany
August 21 2019 - 4:00AM
Business Wire
Company signs $3.3 (€3) million initial supply agreement with
Cannamedical Pharma GmbH to increase distribution of medical
cannabis products for German patients in need
Agreement represents major milestone for Tilray as EU Campus
ramps up international export output through second half of
2019
Tilray, Inc. (NASDAQ:TLRY), a global pioneer in cannabis
research, cultivation, production and distribution, today announced
it has entered into an agreement with Cannamedical Pharma GmbH
(“Cannamedical”) through its wholly-owned subsidiary Tilray
Portugal Unipessoal Lda. (“Tilray Portugal”), to export a wholesale
shipment of $3.3 (€3) million worth of medical cannabis from
Portugal to Germany. The shipment, which is expected to be
completed in fall 2019, will be Tilray’s first from its
state-of-the-art EU campus in Portugal to supply patients in
Germany.
“This is a significant milestone for Tilray as we ramp up our
capacity to serve international markets and generate revenue from
our EU campus through the end of 2019,” says Tilray CEO Brendan
Kennedy. “We believe our 2.5 million square feet of cultivation and
state-of-the-art processing space in Europe is an important
differentiator, which will enable us to reduce costs and improve
margins while hedging against regulatory risk.”
Founded in 2016 in Cologne, Germany, Cannamedical is fully
licensed and GDP-certified (Good Distribution Practice) to import
and distribute high quality medical cannabis products. The
privately owned company is a leading independent supplier of
medical cannabis products to 2,500 pharmacies and clinical
facilities across Germany.
“We at Cannamedical Pharma are committed to helping doctors,
medical specialists and pharmacists improve their patients’ quality
of life,” says Cannamedical CEO David Henn. “Tilray’s product has
passed our strict quality control standards, and we’re excited to
have found a partner able to deliver medical cannabis products for
use in Cannamedical’s own brands. We look forward to increasing
access for patients in need across the country.”
Tilray has a pioneering track record as a company committed to
making pharmaceutical-grade medical cannabis products available to
patients in need around the world. Tilray was the first licensed
medical cannabis producer to successfully export medical cannabis
from North America and import medical cannabis products into the EU
in 2016 and the first company to import cannabis oils into the
German market in 2017.
“We are pleased to enter into an agreement with a partner who
shares Tilray’s commitment to product quality and safety and
patient access,” says Sascha Mielcarek, Tilray’s Managing Director,
Europe. “This initial shipment will be the first of many from our
EU Campus in Portugal to Germany as well as other European and
international markets.”
About Tilray® Tilray is a global pioneer in the research,
cultivation, production and distribution of cannabis and
cannabinoids currently serving tens of thousands of patients and
consumers in 13 countries spanning five continents.
About Cannamedical® Founded in 2016, independently owned
Cannamedical Pharma was one of the first in Germany that
specialized in medical cannabis import and distribution to Germany.
The company holds GDP-certificate (Good Distribution Practice) and
operates with around 50 employees in Cologne, Germany.
Cautionary note regarding forward-looking statements:
This press release contains “forward-looking statements” within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995 and “forward-looking information” within the meaning of
Canadian securities laws, or collectively, forward-looking
statements. Forward-looking statements and forward-looking
information in this prelease include statements with regard to
Tilray’s EU campus, future cost and margin improvements, and
cannabis deliveries into Europe. Forward-looking statements or
forward-looking-information in this press release may be identified
by the use of words such as, “may”, “would”, “could”, “will”,
“likely”, “expect”, “anticipate”, “believe, “intend”, “plan”,
“forecast”, “project”, “estimate”, “outlook” and other similar
expressions. Forward-looking statements are not a guarantee of
future performance, future action or ability to supply global
markets and are based upon a number of estimates and assumptions of
management in light of management’s experience and perception of
trends, current conditions and expected developments, as well as
other factors that management believes to be relevant and
reasonable in the circumstances, including assumptions in respect
of current and future market conditions, the current and future
regulatory environment and future approvals and permits. Actual
results, performance or achievement could differ materially from
that expressed in, or implied by, any forward-looking statements in
this press release, and, accordingly, you should not place undue
reliance on any such forward-looking statements and they are not
guarantees of future results. Please see the heading “Risk Factors”
in Tilray’s Quarterly Report on Form 10-Q, which was filed with the
Securities and Exchange Commission and Canadian securities
regulators on August 13, 2019, assumptions, uncertainties and other
factors that may cause actual future results or anticipated events
to differ materially from those expressed or implied in any
forward-looking statements. Tilray does not undertake and
specifically declines any obligation to update any forward-looking
statements that are included herein, except in accordance with
applicable securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20190821005132/en/
Media: Chrissy Roebuck, +1-833-206-8161,
news@tilray.com Investors: Katie Turner, +1-646-277-1228,
Katie.turner@icrinc.com
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