Tilray, Inc. (NASDAQ: TLRY) announced Thursday that its wholly owned subsidiary Tilray Portugal Unipessoal Lda. received a standard manufacturing license for its Cantanhede, Portugal-based Biocant Park facility.
The facility has earned a Good Manufacturing Practices certification, the company said.
Why It Matters
The license and certification allow Tilray to manufacture and export its GMP-approved dried cannabis products for use in medicinal products in the international market.
The nations the company can serve now include Germany and other EU member states. The facility can also work with non-EU countries that recognize an EU GMP certification.
“This licensing and certification marks a critical milestone for our growth in Portugal and Europe," Sascha Mielcarek, Tilray's managing director for Europe, said in a statement.
"We’re proud to increase our international export capacity and are looking forward to exporting dried cannabis as active substances from our EU campus to legal jurisdictions in the EU and other international markets."
The news marks another milestone for the company, which also holds the distinction of being the first medicinal cannabis company to import cannabis products in the EU. Tilray is the first North American cannabis producer to earn GMP certification under EMA standards.
The company said it expects the campus' second phase of GMP certification will occur "in the coming months."
If this proves true, it will allow Tilray to manufacture and export its products to the international market from its Portuguese-based campus.
Tilray shares were down 3.19 percent at $44.76 at the time of publication Thursday.
Tilray Harvests Medical Cannabis In Portugal, Ramps European Business
Photo courtesy of Tilray.
See more from Benzinga
- Tilray Announces .6M Investment In Canadian Cannabis Operations
- Tilray's High Park Expands Supply Capacity With Amended License
- A Cannabis Bubble? Tim Seymour Believes Market Has Been 'Grossly Understated'
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.