Tilray Ramps Up Its Cannabis Portfolio In Canada, Wins International Spirits Competition

Zinger Key Points
  • Tilray announced the launch of 'Purple Churro,' by Redecan cannabis.
  • The company’s liquor business is celebrating two wins at the 15th annual New York International Spirits Competition.

Tilray Brands, Inc. TLRY TLRY announced on Thursday the launch of ‘Purple Churro,’ by Redecan cannabis.

The new sativa offers "a sweet, indulgent experience with a potent twist and boasting THC levels," the Canadian cannabis giant said in a press release.

Purple Churro is a cross of Cinnamon Horchata and Apples & Bananas, featuring a blend of sweet vanilla and cinnamon-tasting notes.

The new strain is available in 3.5g and 14g dried flower formats in Ontario, Alberta and coming soon in Manitoba and British Columbia. Additional expansion across Canada is expected in the months to come.

Meanwhile, Tilray’s liquor business is celebrating two wins at the 15th annual New York International Spirits Competition. Tilray's subsidiary Breckenridge Distillery was a winner at Colorado American Blended Whiskey Distillery of the Year and Double Gold for Breckenridge Port Cask Finish.

“Breckenridge Distillery continues to be one of the most highly awarded craft distilleries in the U.S.," said Bryan Nolt, founder and CEO of Breckenridge Distillery. "Our continued recognition is a testament of our devotion to quality, taste and passion for whiskey.”

See also: Weed’n Whiskey: Why Tilray Thinks There Is Gold In Cannabis-Infused Whiskey

Irwin D. Simon, chairman and CEO at Tilray, explained earlier why the company opted to diversify and venture into spirits and beverage markets.

Tilray does not sell marijuana products in the U.S. because it’s illegal on the federal level, which is why the company has expanded its U.S. focus to spirits, beer and food in addition to its medical marijuana operations in Europe, he said in an interview last year.

The company recently filed a prospectus supplement with the U.S. Securities and Exchange Commission (SEC), under which it may offer and sell shares of its common stock having an aggregate offering value of up to $250 million from time to time through an at-the-market equity program. At the time Tilray said proceeds would help in leveraging anticipated regulatory changes in the U.S. cannabis sector among other things.

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TLRY Price Action

Tilray’s shares traded 1.3966% lower at $1.765 per share at the time of writing on Thursday.

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Posted In: CannabisNewsEntrepreneurshipBryan Noltcannabis flowerIrwin D. SimonPurple ChurroRedecansativa strain
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