Tilray® Announces Investment to Expand Canadian Production and Manufacturing Footprint to Increase Supply of Medical and Adult-Use Cannabis
Company plans to add 203,000 square feet at three of its existing facilities located in Leamington, Ontario; London, Ontario; and Nanaimo, British Columbia
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.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.