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Tilray Inc.'s (NASDAQ:TLRY) (TSX:TLRY) is expanding its distribution partnership with Quebec-based ROSE LifeScience Inc through its subsidiary Tilray Canada Ltd.
Under the deal, ROSE became an official partner to the recently created new entity.
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ROSE agreed to represent the entire Tilray product portfolio in Quebec, including Grail, Marley Natural, Dubon, La Batch, Broken Coast, Riff, Solei, Good Supply, B!NGO and P'tite Pof.
"Expanding new business in Québec is always exciting," said ROSE LifeScience president and CEO Davide Zaffino of the partnership, which includes the sale, supply, distribution and marketing. "Québec is the third-largest cannabis market in the country. Partnerships like this show us why."
The collaboration between ROSE and Tilray dates back to 2018 when the Canadian cannabis giant opted to invest C$7.5 million in the Huntingdon-based producer of cannabis.
As part of that deal, the wholly-owned subsidiary of Tilray called High Park Farms entered into an exclusive sale, distribution, and market deal, agreeing to deliver its Dubon branded cannabis products in the province of Quebec.
"To have Tilray's full confidence means a lot to everyone at ROSE," Zaffino added. "We believe it's another opportunity for communities, businesses, and consumers in Québec to rally around the cannabis industry responsibly and continue to help it advance in the right way."
Last week Tilray announced that its stockholders had approved an increase in the number of authorized shares of its common stock.
In May, Tilray acquired another Canadian cannabis company, Aphria, Inc. (NASDAQ:APHA), after months of negotiations.
Price Action:
Tilray's shares traded 0.51% lower at $11.95 per share at the time of writing, Friday morning.
Photo: Courtesy of Add Weed on Unsplash
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.