Tilray® Strengthens Presence in Latin America with Acquisition of Alef Biotechnology
October 09 2018 - 6:00AM
Business Wire
Tilray, Inc. (NASDAQ: TLRY), a global leader in cannabis
research and production, today announced that it has completed an
acquisition of its existing import and distribution partner Alef
Biotechnology SpA (“Alef”). The acquisition will allow Tilray to
import, produce and distribute Tilray branded medical cannabis
products in Chile and to create a hub to distribute Tilray products
throughout Latin America.
Tilray purchased all the outstanding equity of Alef for
approximately C$5,000,000 (Canadian dollars). The purchase was
comprised of approximately C$250,000 in cash paid at closing, and
C$4,750,000 in Tilray Class 2 common stock, subject to a standard
working capital adjustment and Alef achieving certain business
milestones within a twelve-month period after closing.
“Today’s announcement marks another milestone for Tilray as we
expand our global footprint and solidify our presence in Latin
America by officially welcoming Alef to the Tilray team,” said
Brendan Kennedy, President and Chief Executive Officer of Tilray.
“The Chilean government has been a pioneer legitimizing and
regulating medical cannabis in Latin America, and we are thrilled
to be investing in one of the region’s most exciting markets for
biopharmaceutical development.”
Tilray previously announced a partnership with Alef in February
2017 to import and distribute Tilray products in Chile and Brazil.
Alef is currently licensed by the Chilean government to
commercially produce medical cannabis and is developing a
state-of-the-art facility to domestically produce and process
medical cannabis products. Chilean law permits patients to access
medical cannabis products under the supervision of a recommending
physician.
As a part of the acquisition, Tilray will retain current Alef
employees Alan Nudman as Chief Executive Officer, and Ariel Nudman,
as Chief Sales Officer. Alan and Ariel will oversee the strategic
growth of Alef Biotechnology under the global leadership of
Tilray.
“The agreement with Tilray is an incredibly exciting moment for
Alef and the entire medical cannabis community in Latin America,”
says Alan Nudman, Chief Executive Officer of Alef. “In partnership
with Tilray, Alef was the first company to offer medical cannabis
products through pharmacies anywhere in the Americas and we are
looking forward to increasing access for patients throughout Latin
America through this acquisition.”
About Tilray®Tilray is a global pioneer in the
research, cultivation, production and distribution of medical
cannabis and cannabinoids currently serving tens of thousands of
patients in twelve countries spanning five continents.
About Alef BiotechnologyAlef Biotechnology is licensed by
the Chilean government to commercially produce medical cannabis.
The company is focused on medical cannabis research and development
for the treatment of various medical conditions. Its purpose is to
increase the quality of life of those in pain, bringing dignity by
developing innovative drugs and novel drug delivery systems to the
market.
Cautionary Note Regarding Forward-looking Statements
This press release contains “forward-looking statements”, which
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, including statements related to Tilray’s
ability to import, produce and distribute Tilray branded products
in Chile and throughout Latin America. Forward-looking
statements are not a guarantee of future performance 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. 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. Forward-looking statements involve significant risks,
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.
Please see the heading “Risk Factors” in Tilray’s Quarterly Report
on Form 10-Q for the quarter ended June 30, 2018 and the risks
discussed in Tilray’s other filings with the Securities and
Exchange Commission for a discussion of the material risk factors
that could cause actual results to differ materially from the
forward-looking information. Tilray does not undertake to
update any forward-looking statements that are included herein,
except in accordance with applicable securities laws.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181009005325/en/
Media:TilrayChrissy Roebuck,
+1-416-560-5712chrissy.roebuck@tilray.comorInvestors:ICRKatie
Turner, +1-646-277-1228Katie.turner@icrinc.com
Tilray Brands (NASDAQ:TLRY)
Historical Stock Chart
From Aug 2024 to Sep 2024
Tilray Brands (NASDAQ:TLRY)
Historical Stock Chart
From Sep 2023 to Sep 2024