Tilray® Invests C$7.5M in Québec-Based Cannabis Producer ROSE Lifescience Inc.
December 14 2018 - 8:00AM
Business Wire
High Park enters into sale, supply,
distribution and marketing agreement with ROSE as its exclusive
partner in Québec
Tilray, Inc. (NASDAQ:TLRY), a global pioneer in cannabis
production and distribution, today announced an investment in
Québec-based cannabis producer, ROSE LifeScience Inc. (“ROSE”) and
an exclusive sale, supply, distribution and marketing agreement
between High Park Farms Ltd. (“High Park”), a wholly-owned
subsidiary of Tilray, and ROSE.
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Tilray will subscribe for 41 Class “A” Common shares (12%) in
the capital of ROSE for a subscription amount of C$7.5 million
pursuant to a subscription agreement (the “Subscription
Agreement”). At the time of closing of this subscription the only
issued and outstanding equity of ROSE will be 344 Class “A” Common
shares and there will be no outstanding options, warrants or other
rights to acquire equity of ROSE.
In connection with the subscription agreement, High Park and
ROSE have entered into an exclusive sale, supply, distribution and
marketing agreement to deliver High Park adult-use cannabis
products in Québec including existing brand, Dubon™, which is
exclusively available in Québec through the Société québécoise du
cannabis (SQDC). The two companies may also collaborate on
additional co-branded adult-use cannabis products or brands
exclusively for this market.
The investment in ROSE represents a commitment to increase
supply to the Québec market and the opportunity to deliver
consumers locally-grown products. ROSE has begun construction of a
54,000 square-foot cannabis cultivation facility on its land in
Huntingdon, Québec and has applied for a Health Canada cultivation,
processing and sales license. Once fully-licensed, ROSE will be the
exclusive supplier of High Park’s adult-use cannabis products in
the Québec market.
“Tilray and High Park value our partnership with the SQDC and
our shared commitment to creating a responsible and safe legal
market for cannabis,” says Adine-Fabiani Carter, Chief Marketing
Officer, High Park. “This investment in a Québec-owned and operated
organization will enable High Park to better serve this partnership
and the adult-use market in Québec.”
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 in twelve countries spanning
five continents.
About High Park™
Based in Toronto and led by a team with deep experience in
cannabis and global consumer brands, High Park was established to
develop, produce, sell, and distribute a broad-based portfolio of
adult-use cannabis brands and products. High Park is a wholly-owned
subsidiary of Tilray, Inc., a global leader in cannabis
cultivation, processing, and distribution.
About ROSE
Founded by a group of seasoned executives with extensive
experience in highly regulated industries, ROSE LifeScience is
committed to ensuring that Québec benefits from the responsible
production, sale and use of cannabis.
ROSELifeScience's cannabis and by-products will be of the
highest quality, produced in its climate-controlled indoor
facility, ensuring superior quality and consistent, affordable
production year-round. As a Québec producer, ROSE will actively
participate in economic development in Huntingdon, Quebec by
creating, among other things, 300 direct jobs in its first five
years of operation.
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
investment in Rose and future collaborations between the two
parties. 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/20181214005035/en/
Media: Chrissy Roebuck, +1-416-560-5712,
chrissy.roebuck@tilray.comInvestors: Katie Turner, +1-646-277-1228,
Katie.turner@icrinc.com
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