Tilray Inc (NASDAQ:TLRY) held a ribbon-cutting ceremony today to mark the official launch of its European Union (EU) Campus which it built in Cantanhede, Portugal.
The EU campus opening represents another key milestone for the cannabis producer as it progresses with its plan to expand its activities in the European market. Tilray also celebrated the first harvest from the Cantanhede-based facility through the ribbon-cutting event. Canadian health professionals and government officials graced the ceremony and were treated to a campus tour.
“We’re thrilled to celebrate another milestone as we expand our global presence and pioneer the future of the cannabis industry,” stated Tilray’s CEO, Brendan Kennedy.
The newly opened EU campus will serve the European market
The CEO also revealed that Tilray will serve the EU’s medical cannabis market through the new EU campus which will generate high-quality medical marijuana products. The company achieved a successful first harvest from the Cantanhede-based facility in February this year and it expects numerous other harvests before the end of the year. Its products will be made available to patients in the EU as soon as it secures a GMP license.
Tilray invested roughly $20 million into the facility’s construction. It features space for indoor grow, cultivation areas, research room, as well as packaging space where the product is prepared for distribution. The cannabis producer announced in March that it plans to hire more workers for the EU campus. The company planned to have 100 employees handling the operations at the Portugal facility which measures 250,000 sq. ft. and it already achieved that goal in just a few weeks.
A focus on expansion
Tilray also plans to carry out further expansion of its business as part of its plan for an international presence. The company has already formed an advisory board to guide on the expansion plans. The advisory board consists of political figures from Australia, Germany, America, and Portugal. The board currently favors setting up cannabis growth and production facilities in countries where cannabis harvesting is legal such as Germany. It has also suggested that Tilray should consider countries expected to achieve federal legalization in the future such as the U.S.