Tilray® Announces Investment to Expand Canadian Production & Manufacturing Footprint to Increase Supply of Medical & Adult-U...
May 08 2019 - 7:00AM
Business Wire
Company plans to add 203,000 square feet at three of its
existing facilities located in Leamington, Ontario; London,
Ontario; and Nanaimo, British Columbia
Tilray Inc. (NASDAQ:TLRY), a global pioneer in cannabis
research, cultivation, production, and distribution, today
announced an investment of US$32.6M to increase the company’s
Canadian cannabis production and manufacturing footprint by 203,000
square feet across three facilities. This investment will expand
Tilray’s total production and manufacturing footprint from 1.1
million to 1.3 million square feet worldwide.
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the full release here:
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High Park Gardens – Leamington, Ontario
In 2019, Tilray acquired Natura Naturals Inc., now operating as
High Park Gardens (“High Park Gardens”). High Park Gardens is a
662,000 square-foot cultivation facility, of which 155,000 square
feet is currently operational and licensed for cannabis cultivation
and manufacturing. As a result of the investment announced today,
High Park Gardens will add an additional 127,000 square feet of
production space. Once the expansion is complete and licensed by
Health Canada, High Park Gardens’ footprint will increase by 82
percent, utilizing up to 282,000 square feet of state-of-the-art
cultivation space with room to expand further in the future. The
expansion project is expected to create more than 40 job
opportunities over the course of the next year.
High Park Processing Facility – London, Ontario
In June 2018, Tilray announced that High Park Holdings Ltd.
(“High Park London”) would establish a manufacturing facility to
produce adult-use cannabis products in London, Ontario. Currently
High Park London is a 56,000 square foot facility licensed by
Health Canada to process and sell adult-use cannabis products. As a
result of the investment announced today, High Park London will
double in size from 56,000 square feet to 112,000 square feet. The
expansion project will enhance the site’s R&D, processing and
packaging capabilities and is expected to generate 60 additional
jobs.
Tilray Canada – Nanaimo, British Columbia
Tilray Canada Ltd. (“Tilray Canada”) is the company’s
GMP-certified R&D, cultivation and processing facility located
in Nanaimo, British Columbia. The facility began operating in April
2014 and was one of the first to be awarded a license by Health
Canada to cultivate medical cannabis. Tilray utilizes this facility
to produce pharmaceutical-grade medical cannabis products for
Canada as well as international markets. As a result of the
investment announced today, the Nanaimo facility will increase its
footprint from 60,000 square feet to 80,000 square feet.
About Tilray®
Tilray is a global pioneer in the research, cultivation,
production and distribution of cannabis and cannabinoids currently
serving tens of thousands of patients and consumers in twelve
countries spanning five continents.
About High Park™
Based in Toronto and led by a team with deep experience in
cannabis and global consumer brands, High Park was established to
develop, produce, sell, and distribute a broad-based portfolio of
adult-use cannabis brands and products for the Canadian market.
High Park is a wholly-owned subsidiary of Tilray, Inc.
Cautionary note regarding forward-looking statements:
This press release contains “forward-looking statements” within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995 and “forward-looking information” within the meaning of
Canadian securities laws, or collectively, forward-looking
statements. Forward-looking statements or
forward-looking-information in this press release may be identified
by the use of words such as, “may”, “would”, “could”, “will”,
“likely”, “expect”, “anticipate”, “believe, “intend”, “plan”,
“forecast”, “project”, “estimate”, “outlook” and other similar
expressions, including without limitation statements in respect to
Tilray’s intention to increase production, processing, cultivation
or R&D capacity or launch brands, products and novel form
factors at any of its facilities and Tilray’s expectations relating
to servicing the Canadian medical and adult-use market.
Forward-looking statements are not a guarantee of future
performance and are based upon a number of estimates and
assumptions of management in light of management’s experience and
perception of trends, current conditions and expected developments,
as well as other factors that management believes to be relevant
and reasonable in the circumstances, including assumptions in
respect of current and future market conditions, the current and
future regulatory environment and future approvals and permits.
Actual results, performance or achievement could differ materially
from that expressed in, or implied by, any forward-looking
statements in this press release, and, accordingly, you should not
place undue reliance on any such forward-looking statements and
they are not guarantees of future results. Please see the heading
“Risk Factors” in Tilray’s Annual Report on Form 10-K, which was
filed with the Securities and Exchange Commission and Canadian
securities regulators on March 25, 2019, assumptions, uncertainties
and other factors that may cause actual future results or
anticipated events to differ materially from those expressed or
implied in any forward-looking statements. Tilray does not
undertake and specifically declines any obligation to update any
forward-looking statements that are included herein, except in
accordance with applicable securities laws.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190508005258/en/
Media: Chrissy Roebuck, +1-833-206-8161,
news@tilray.comInvestors: Katie Turner, +1-646-277-1228,
Katie.turner@icrinc.com
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