As Canadian cannabis companies increasingly look to expand in burgeoning European markets, British Columbia-based Tilray (NASDAQ: TLRY) today held a ribbon-cutting ceremony for the launch of a campus in the European Union (EU).
Located in Cantanhede, Portugal, the facility just completed a successful indoor harvest that was celebrated with a tour featuring local government officials and Canadian healthcare professionals.
The $20 million campus features research rooms, outdoor and indoor grow space, and cultivation and packaging areas for distributing medical marijuana.
Tilray’s Chief Executive Order Brendan Kennedy commented on the ribbon-cutting ceremony and facility tour:
Last month, Tilray announced plans to double the workforce at the Portugal campus by bumping up to 100 employees to staff the 250,000 sq. ft. facility. That milestone has now been hit, with the company reporting triple digits for current hiring numbers.
In addition to the facility in Cantanhede, Tilray has focused on international expansion by forming an advisory board with political figures from Portugal, America, Germany, and Australia. That board is currently advising the company on expanding into countries where cannabis harvesting was just legalized, such as Germany, and where it is expected to be legalized federally in the coming years, such as the U.S.
Tilray isn’t the only cannabis company to see expansion opportunities in the European Union. Countries such as Portugal, Germany, and even Malta have all seen Canadian licensed producers moving in to ramp up operations for European distribution.
In recent months, these international cannabis deals have made headlines on the European side:
- International Cannabis Corp. (CSE: WRLD.U; FWB: 8K51; OTC: WLDCF) acquired hemp producer Enigma Unipessoal Lda in a $12 million deal late last year
- Canopy Growth (TSX:WEED; NYSE: CGC) acquired Alicante, Spain-based cannabis company Cafina earlier this month in a deal that saw an influx of capital for Cafina to expand existing facilities
- The Supreme Cannabis Company, Inc. (TSX: FIRE; OTCQX: SPRWF; FRA: 53S1) filed for a cannabis production license in Malta