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Tilray Inc TLRY's stock ticked higher Friday after announcing an investment in a cannabis producer.
What Happened
Tilray said in a press release it invested C$7.5 million ($5.6 million) in Canada-based Rose LifeScience, a producer of cannabis.
In addition, a wholly-owned subsidiary of Tilray called High Park Farms entered into an exclusive sale, distribution, and market agreement to deliver its Dubon branded cannabis products in the province of Quebec.
Why It's Important
"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."
What's Next
Tilray's investment in Rose represents a commitment to boost supply of cannabis to the Quebec market with a focus on locally grown products, the companies said. Rose has already started construction of a 54,000 square-foot cannabis cultivation facility in Quebec and hopes to be the exclusive supplier of High Park's cannabis products in Quebec when it's certified to do so.
Tilray traded around $76.56 per share at time of publication.
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