Tilray® Launches High Park Company™ To Produce And Distribute Adult-Use Cannabis In Canada
High Park Company secures the exclusive rights to recognized brands and proprietary product formulations, announces investment of up to $10 million in new cannabis processing facility
TORONTO – In anticipation of the historic legalization of adult-use cannabis in Canada, Tilray, Inc. (“Tilray”) today announced the creation of wholly-owned subsidiary High Park Company™ (“High Park”) to produce and distribute a broad-based portfolio of cannabis brands and products. The company also announced that it is making an investment of up to $10 million in a new facility located in London, Ontario to process and distribute finished cannabis products.
“Excitement is building for the launch of the world’s largest federally legal cannabis market and High Park will be a part of history when it happens,” said Brendan Kennedy, Tilray CEO. “We are proud that the addition of High Park will bring our total investment in Canada to more than $100 million and grow our Canadian workforce to more than 500 professionals in the next several years.”
Broad-Based Brand Portfolio
Based in Toronto and led by a team with deep experience in cannabis and global consumer brands, High Park has secured the exclusive rights to produce and distribute a broad-based portfolio of adult-use cannabis brands and products in Canada, subject to applicable laws and regulations. These brands include:
· Marley Natural® , crafted with deep respect for wellness and the positive potential of the herb. Marley Natural products include whole flower, pre-rolls, vape oil cartridges and cannabis-infused edibles.*
· Irisa™, a women’s wellness brand. Irisa products include milled blends, pre-rolls and elixirs.*
· Dutchy™, for the more frequent consumer. Dutchy products include whole flower, pre-rolls and vape oil cartridges.*
· Goodship®, makers of damn fine edibles. The Goodship brand is known for its delectable cannabis-infused baked goods, chocolates and confections.*
In addition to acquiring the rights to bring the brands listed above to Canada, High Park has developed new brands and products for the Canadian market.
*Vape oil cartridges, tinctures, cannabis concentrates, waxes and cannabis edibles are not anticipated to be permitted under Canadian adult-use legislation initially, but the Government of Canada has indicated that edibles will be permitted no later than 12 months after the legislation comes into force. Other forms may be permitted at a later date.
State-of-the-Art Cultivation and Processing Facilities
Tilray and its affiliates currently own and operate one of the world’s most sophisticated, federally-licensed medical cannabis cultivation and processing facilities, located in Nanaimo, British Columbia. The $30 million facility will continue to serve the medical cannabis market in Canada and internationally.
In response to rapidly growing global demand for cannabis products, Tilray previously announced an investment of up to $30 million in a second facility featuring 13 acres of greenhouse located on 100 acres of property in Enniskillen, Ontario. The facility, now called High Park Farms™, is currently under construction and is expected to begin cultivating cannabis in the first half of 2018 subject to the receipt of necessary regulatory approvals.
Today High Park announced that it will invest up to $10 million in a third facility located in London, Ontario. The 56,000 square foot facility will process dried cannabis grown at High Park Farms into finished products. The High Park processing facility is expected to begin operations in the third quarter of 2018 subject to the receipt of necessary regulatory approvals.
The addition of High Park will bring Tilray’s total investment in Canada to more than $100 million and grow the company’s Canadian workforce to more than 500 professionals in the next several years.
National Supply Partnerships
In anticipation of adult-use legalization, Tilray has formed partnerships to supply Quebec and Manitoba with adult-use cannabis products. Tilray expects to sign additional supply agreements with crown corporations or private entities in other provinces and territories this year and will fulfill these agreements through High Park.
High Park Relationship with Tilray
High Park is a wholly-owned subsidiary of Tilray, a global leader in cannabis cultivation, processing, and distribution. Tilray will continue to serve patients in Canada and around the world with a diverse range of pharmaceutical-grade medical cannabis products as High Park focuses on creating distinctive products for adult consumers.