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Additional 20 hectares of outdoor growing space increases company’s capacity to supply medical cannabis across Europe and to other international markets
Tilray, Inc. (“Tilray” or “the Company”) (NASDAQ:TLRY), a global pioneer in cannabis research, cultivation, production and distribution, today announced that its wholly-owned subsidiary Tilray Portugal Unipessoal Lda. (“Tilray Portugal”) has signed a Definitive Agreement (“The Agreement) with Esporão, adding 20 hectares of outdoor cultivation space in Alentejo, Portugal, in addition to its existing 5 hectares of indoor and outdoor cultivation and 6,500 square meters of manufacturing, processing and research space at its European Union (EU) Campus in Cantanhede, Portugal.
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“We’re proud to be expanding our capacity to produce high-quality medical cannabis products in Europe using innovative outdoor growing methods.” says Sascha Mielcarek, Tilray’s Managing Director, Europe. “We look forward to supplying patients in need in existing and new markets with Tilray’s medical cannabis products, proudly produced in Europe.”
Tilray is leasing the land from Esporão, one of the largest and most sophisticated agricultural businesses in Portugal. Esporão will provide operational and technical support at the site to a team of Tilray experts, including master horticulturists, growers and quality assurance managers. Tilray will grow, harvest and dry medical cannabis materials at the additional site that will then be transported to Tilray’s EU Campus in Portugal for processing, manufacturing and distribution across Europe and other international markets. The entire outdoor cultivation site was successfully planted in July and a harvest is expected in fall 2019.
Tilray’s EU Campus in Portugal is a multi-faceted production facility that includes indoor, outdoor and greenhouse cultivation sites; research and quality control labs; and processing, packaging and distribution sites for medical cannabis. In May 2019, Tilray Portugal received its manufacturing license and initial GMP-certification, allowing the company to manufacture and export GMP-certified dried cannabis as an active substance for medical products. To date, Tilray has invested approximately €20 million in the facility.
Tilray’s EU Campus also serves as a hub supporting Tilray’s clinical research and product development efforts across Europe. The site currently employs more than 150 people, with production ramping up and multiple harvests anticipated in the coming months. In April 2019, Tilray hosted an official ribbon-cutting ceremony celebrating the grand opening of its EU Campus.
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.
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 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, including without limitation statements in respect to Tilray’s intention to increase production, processing, cultivation or R&D capacity or launch brands, products and novel form factors at any of its facilities and Tilray’s expectations relating to servicing the global cannabis market. 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, 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 May 15, 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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