Continuing to focus on international operations as Canadian legalization fails to see a surge in revenue, Tilray Inc. (NASDAQ: TLRY) just announced another European deal through subsidiary Tilray Portugual.
The company’s Portuguese arm today inked an agreement to supply German customers with a wholesale shipment of medical cannabis to Cannamedical Pharma GmbH.
Cannamedical is then licensed to supply marijuana to patients through a network of 2,500 pharmacies and clinics across the country.
More than $3 million worth of medical grade cannabis will be imported from Portugal to Germany later this fall under the terms of the deal, which will mark the first major shipment from Tilray’s newly-opened Cantanhede campus.
That site was just granted GMP certification earlier this summer, and has been host to a variety of local political figures touring the facility as an employment drive sees Tilray Portugal hiring workers in the triple digits.
Tilray’s Chief Executive Officer Brendan Kennedy issued this statement about the medical cannabis export arrangement:
In addition to the indoor grow facility that is now up and running, Tilray recently leased 20 hectares of outdoor grow space in the Alentejo area of Portugal to further ramp up production efforts. After being grown in outdoor conditions, cannabis cultivated at the new site will then still be shipped to the main Portuguese campus for processing, packaging, and distribution to European customers.
Europe isn’t Tilray’s only area of focus for international expansion in recent months, with the company also importing CBD capsules south of the border to the U.S. for new clinical trials.
A number of major research projects and clinical studies on the effectiveness of CBD products are now underway in the United States as the Food And Drug Administration is expected to launch stricter regulations soon in the wake of an unexpected boom in product popularity.