U.S. Markets open in 4 hrs 29 mins

Tilray's High Park Receives Cannabis Processing License

Alex Oleinic

Canadian cannabis producer Tilray Inc. (NASDAQ: TLRY) announced its wholly-owned subsidiary High Park has received a processing license under the Cannabis Act for its facility in London, Ontario. The processing license will allow High Park to produce finished branded cannabis products.

In addition, the facility will be able to conduct research and development on new cannabis form factors. More specifically, High Park will be able to develop and produce edibles, topicals and concentrates for the adult-use market.

Why This Is Important

High Park's facility in London is state of the art, spanning over 56,000 square feet. In April, High Park said it would invest up to C$10 million in the facility.

Tilray's subsidiary is responsible for 10 developed or licensed brands, including Canaca, Dubon, Yukon Rove, Irisa, Grail, Marley Natural, Dutchy and Headlight.

Last month, High Park and Labatt Breweries of Canada, a wholly-owned subsidiary of Anheuser Busch Inbev NV (NYSE: BUD), announced a partnership to research non-alcohol beverages containing tetrahydrocannabinol and cannabidiol.

Learn, connect or raise money at the Cannabis Capital Conference, the leading event for connecting cannabis companies to investors.

What's Next

The Canadian government is still working out the rules and regulations concerning the manufacturing and sales of cannabis-infused edibles and beverages. On Dec. 20, the government released a proposed set of regulations concerning edibles and plans to conduct public hearings and roundtable discussions concerning them.

In the meantime, the country's cannabis companies are ramping up production to deal with shortages and conducting research and development programs to create consumer products that will be ready to hit the market when they become legal on or before Oct. 17, 2019.

Related Links:

Pot Stocks, ETFs, Top News And Data From The Cannabis Industry This Week

Aphria Receives .1B Hostile Takeover Bid From Green Growth Brands

See more from Benzinga

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.