After hosting a ribbon cutting ceremony and local government tour for the company’s Portuguese campus, Tilray Inc. (NASDAQ: TLRY) announced that the Cantanhede-based greenhouse just received new certification to increase its export options.
The facility is operated through subsidiary Tilray Portugal Unipessoal Lda, and as of today officially meets European Medicines Agency’s (EMA) standards to be granted a manufacturing license and Good Manufacturing Practices (GMP) certification.
With that certification in hand, the Biocant Park cultivation site will now be able to distribute medical marijuana through European Union members states and non-EU countries that recognize the GMP standards.
Discussing this milestone towards growth abroad, Tilray’s Managing Director of Europe Sascha Mielcarek commented:
Tilray’s production campus in Portugal currently features 250,000 sq. ft. of space and has seen a $20 million investment from the company, with the workforce recently bumped up to a full 100 employees. In addition to cannabis cultivation, the site also includes space for research and development, with Tilray expecting to hit 200 employees at the facility by the end of the calendar year.
Major Canadian licensed producers such as Tilray have increasingly looked to international operations in recent months as medical marijuana restrictions are eased in the European Union. The European medical cannabis market is forecast to hit $65.6 billion by the year 2028, and companies with existing infrastructure and knowledge are moving quickly to capitalize on that projection.
Back in February, competing Canadian licensed producer Aurora Cannabis Inc. (TSX: ACB; NYSE: ACB) snapped up Portuguese medical cannabis supplier Gaia Pharm Lda, which was renamed to Aurora Portugal.
On the Canadian side of operations, Tilray also recently announced a $32.6 million investment towards expanding production capabilities at sites located in Nanaimo, British Columbia and London, Ontario. That investment will also see expansion from the company’s recent acquisition High Park Gardens.