Anthony Emecheta
Posted by Anthony Emecheta on May 14, 2019 11:05:00 AM

Tilray Invests Over $32 Million To Increase Cannabis Production And Manufacturing In Canada

 

TR_Logo_Lg_Circle+R_Color+300ppi-01Nanaimo, Canada-based Tilray Inc. (NASDAQ: TLRY) a global pioneer in cannabis research, cultivation, production, and distribution just announced that it has invested US$32.6 million to increase the cannabis production and manufacturing in Canada by 203,000 sq. ft. across their three facilities. This investment will increase Tilray’s output from 1.1 to 1.3 million sq. ft.

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Tilray acquired Natura Naturals Inc. in 2019. The 662,000 sq. ft. cultivation facility which is now called High Park Gardens has only 155,000 sq. ft. operational and licensed for the cultivation and manufacture of cannabis. The new investment will add 127,000 sq. ft. of production space. This will increase High Park Garden’s production capacity by 82% once it is licensed by Health Canada. The expansion project will also create over 40 job opportunities within the year.

Back in June 2018, Tilray announced that High Park Holdings Ltd would establish a manufacturing facility to produce adult-use cannabis products in London, Ontario. The facility currently has 56,000 sq. ft. licensed by Health Canada for the processing and sell of adult-use cannabis products. However, with the new investment, High Park Holdings will be able to double the size of its facility (112,000 sq. ft.). This will enhance the facility’s R&D, processing, and packaging capabilities as well as create 60 additional jobs.

Tilray Canada Ltd. Is a facility located in Nanaimo, British Columbia which handles the company’s GMP-certified R&D, cultivation, and processing. This facility which began operation in 2014 was the first to be licensed by Health Canada to cultivate medical cannabis. Tilray utilizes the facility for the production of pharma-grade medical cannabis products for Canada and international market. Due to the new investment, this facility will increase its production from 60,000 to 80,000 sq. ft.

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Tags: Finance, Cannabis Market

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