Canadian pharmaceutical and cannabis firm Tilray (NASDAQ: TLRY) reported a successful harvest of medical cannabis in Portugal. The company is looking to supply its Portugal-grown medical cannabis market to the Europe markets.
Tilray in Portugal
Tilray subsidiary Tilray Portugal Unipessoal Lda completed a successful harvest of medical cannabis at the company’s European Union Campus in Portugal.
Tilray’s EU Campus is a production facility that includes indoor, outdoor and greenhouse cultivation sites, as well as research labs, processing, packaging and distribution sites for medical cannabis and cannabinoid-derived medical products.
The company has invested approximately €20 million in the facility, which totals nearly 250,000 sq.-ft. with additional room to expand. The campus also support Tilray’s clinical research and product development efforts across Europe.
“Our harvest in Portugal is an exciting milestone for the company as we continue to build our multinational supply chain of high-quality medical cannabis,” Sascha Mielcarek, managing director, Europe, said in a press statement. “We look forward to utilizing the capacity of Tilray Portugal to supply the medical cannabis market in Europe as we expand our operations.”
Tilray plans to host an official ribbon-cutting event at its EU campus in Portugal later this spring.
Tilray is betting big on the European cannabis market.
It was the first licensed medical cannabis producer to successfully import medical cannabis products into the EU and the first licensed medical cannabis producer in North America to obtain Good Manufacturing Practice certification in accordance with the European Medicines Agency’s standards.
Tilray has established sales and distribution arrangements to distribute medical cannabis through major pharmaceutical distribution channels throughout Germany and the European Union. It has also formed a global alliance with Sandoz AG to increase the availability of medical cannabis products around the world in jurisdictions where regulations permit.