Tilray, Inc. (NASDAQ: TLRY) rose in Monday trading after the company disclosed that its High Park Farms subsidiary received sales license from Health Canada to sell cannabis under the access to cannabis for medical purposes regulations.
The license will allow High Park Farms to supply and sell finished cannabis products within the ACMPR as well as sales in anticipation of the launch of the adult-use market in Canada upon its legalization in two weeks.
"This license marks a milestone for High Park as we aim to solidify our position as a leading provider of adult-use cannabis in Canada," said Adine Carter, Chief Marketing Officer of High Park.
"We look forward to supplying provinces and territories with a variety of world-class cannabis brands and products in anticipation of the launch of the adult-use market on October 17."
High Park received its license to cultivate cannabis under the ACMPR in April. The company has completed several harvests in anticipation of supplying the medical and adult-use cannabis market in Canada. The state-of-the-art High Park Farms facility features 13 acres of greenhouse space on 100 acres of property in Enniskillen, Ontario.
Going forward, High Park intends to primarily serve the adult-use market in Canada, while medical cannabis production will continue to take place at the headquarters of its affiliate, Tilray Canada Ltd., in Nanaimo, B.C.
Tilray shares vaulted $15.38, or 10.7%, to $159.00, within a volatile 52-week trading range of $20.10 to $300.00.
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