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Tilray Announces $32.6M Investment In Canadian Cannabis Operations

Tilray Announces $32.6M Investment In Canadian Cannabis Operations
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Tilray Inc. (NASDAQ: TLRY) announced Wednesday that it has invested $32.6 million to increase its Canadian cannabis production and manufacturing.

Why It Matters

The investment enhances Tilray’s cannabis production and manufacturing footprint in Canada by 203,000 square feet, the company said. 

The expansion will occur across three facilities, increasing the company's production and manufacturing footprint to 1.3 million square feet across the globe, Tilray said. 

The investment will fund growth in locations at Leamington, Ontario (High Park Gardens); London, Ontario (High Park Processing Facility); and Nanaimo, British Columbia (Tilray Canada).

What’s Next

Once the expansion is complete at High Park Gardens, its footprint should increase by 82 percent to as much as 282,000 square feet of cultivation space and should create more than 40 job opportunities. 

The High Park Processing Facility will see its size double to 112,000 square feet, Tilray said. The expansion will bolster the site's R&D, processing and packaging capabilities and is expected to create 60 additional jobs.

Tilray Canada will see its footprint expand an additional 20,000 square feet to 80,000 square feet, and the company said the space will be used to produce pharmaceutical-grade medical cannabis products.

Tilray shares were down 2.2 percent at $46.18 at the time of publication Wednesday. 

Related Links: 

Tilray Announces Support Of 2 Clinical Studies In Australia, Canada

Tilray Reports EPS Miss, Sales Beat In First Quarterly Print Since Canadian Cannabis Legalization

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