Licensing expands company’s international export capacity with the authorized manufacture of medical cannabis flower and oil products to be exported from Portugal as finished product to Germany and other European and international markets
Tilray, Inc. ("Tilray" or "the Company") (NASDAQ: TLRY), a global pioneer in cannabis research, cultivation, production and distribution, today announced its wholly-owned subsidiary Tilray Portugal, Unipessoal Lda. ("Tilray Portugal") has received its Good Manufacturing Practice (GMP) certification in accordance with European Union standards, for its manufacturing facility in Cantanhede, Portugal. The GMP certification was issued by Infarmed, the Portuguese National Authority of Medicines and Health Products. This is the second GMP certification for Tilray Portugal, which allows the facility to manufacture and export GMP-certified finished medical cannabis products, including dried flower and oils, from Portugal to international markets with legal medical cannabis regulations.
"We are pleased with the continued momentum of our growth strategy across Europe with this additional GMP certification for Tilray’s EU campus in Portugal," says Brendan Kennedy, Tilray CEO. "This will enable us to export a greater range of medical products to international patients, partners and markets. Our international strategy is an important component in driving profitability and long-term shareholder value."
Tilray’s EU campus in Portugal is a multi-faceted production facility that includes outdoor and greenhouse cultivation sites; research and quality control labs; and processing, packaging and distribution sites for medical cannabis. Tilray’s EU campus also serves as a hub supporting Tilray’s clinical research and product development efforts across Europe. Multiple harvests are expected at this site in the coming months.
In May 2019, Tilray Portugal received its manufacturing license and initial GMP-certification, allowing the company to manufacture and export wholesale dried cannabis as active substances used as starting materials. In September 2019, Tilray Portugal completed its first export to Germany which was the largest inner European bulk shipment of medical cannabis to date. The additional GMP-certification announced today allows Tilray to supply international markets with pharmaceutical-grade dried flower and oils as finished medical cannabis products.
"We now have two GMP-certified facilities to service our global expansion strategy," says Sascha Mielcarek, Tilray’s Managing Director in Europe. "We’re pleased to have the ability to export our leading medical cannabis flower and oil products to international markets. We will continue to expand our reach to provide patients access to Tilray’s pharmaceutical-grade medical cannabis products, proudly produced in Europe."
Tilray has established sales and distribution arrangements to supply medical cannabis through major pharmaceutical distribution channels throughout Germany and other European markets. These arrangements allow patients in-need to access Tilray’s finished medical cannabis.
Tilray is a global pioneer in the research, cultivation, production and distribution of cannabis and cannabinoids currently serving tens of thousands of patients and consumers in 13 countries spanning five continents.
Cautionary note regarding forward-looking statements:
This press release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of Canadian securities laws, or collectively, forward-looking statements. Forward-looking statements or forward-looking-information in this press release may be identified by the use of words such as, "may", "would", "could", "will", "likely", "expect", "anticipate", "believe, "intend", "plan", "forecast", "project", "estimate", "outlook" and other similar expressions, including without limitation statements in respect to Tilray’s intention to increase production, processing, cultivation or R&D capacity or launch brands, products and novel form factors at any of its facilities and Tilray’s expectations relating to servicing the global cannabis market. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment and future approvals and permits. Actual results, performance or achievement could differ materially from that expressed in, or implied by, any forward-looking statements in this press release, and, accordingly, you should not place undue reliance on any such forward-looking statements and they are not guarantees of future results. Please see the heading "Risk Factors" in Tilray’s Quarterly Report on Form 10-Q, which was filed with the Securities and Exchange Commission and Canadian securities regulators on November 13, 2019, assumptions, uncertainties and other factors that may cause actual future results or anticipated events to differ materially from those expressed or implied in any forward-looking statements. Tilray does not undertake and specifically declines any obligation to update any forward-looking statements that are included herein, except in accordance with applicable securities laws.
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