High Park™ Expands Supply Capacity with Sale License from Health Canada
TORONTO--(BUSINESS WIRE)--High Park Holdings Ltd. (“High Park”), a wholly-owned subsidiary of Tilray, Inc. (NASDAQ:TLRY), announced today that it has received an amendment to its standard processing license under the Cannabis Act. The amended license allows High Park to sell finished cannabis products from its state-of-the-art facility in London, Ontario to provincially and territorially authorized distributors and retailers in Canada.
Led by a team of industry experts responsible for innovation, research and the development of High Park’s portfolio of cannabis products, the High Park London facility was commissioned to develop, process and sell a wide-range of finished branded products under current and future regulations, including edibles (such as confectioneries and beverages), topicals, and concentrates, exclusively for the adult-use cannabis market in Canada. With its new amended processing license, High Park is authorized to sell from its London facility both dried cannabis and cannabis oil products - two form factors currently permitted under Health Canada regulations - boosting its capacity to supply adult-use cannabis products in the Canadian market.
In April 2018, High Park announced an initial investment of up to C$10 million in its 56,000-square foot London facility, with room to expand further. This processing and R&D facility works in collaboration with High Park’s affiliated Ontario facilities: High Park Farms Ltd. (“High Park Farms”), a cultivation and processing facility located in Enniskillen, Ontario, and Natura Naturals Inc. (“High Park Gardens”), a cultivation and processing facility located in Leamington, Ontario, which was acquired by Tilray, Inc. in February 2019. High Park Farms received its initial production license in April 2018 and a sales license in September 2018; High Park Gardens received its initial production license in September 2017 and its processing license in March 2019.
High Park and its affiliates have fulfilled adult-use supply agreements and purchase orders across Canada since the federal legalization of adult-use cannabis on October 17th, 2018. High Park will continue to offer consumers a broad-based portfolio of world class adult-use products as it grows its supply chain and expands its production capacity in Canada.
This amended license for our facility in London increases High Park’s capacity to offer consumers a wide-range of adult-use products from dried flower and oils to differentiated form factors like edibles, once regulations allow
says Greg Christopher, EVP Operations, Tilray and High Park.
We are committed to growing our supply chain and expanding our production footprint to supply the Canadian cannabis market with the highest quality branded products
High Park looks forward to sharing more information about the research and development of its differentiated brand portfolio and the expansion of its production capacity in the coming months.
About High Park ™
Based in Toronto and led by a team with deep experience in cannabis and global consumer brands, High Park was established to develop, produce, sell, and distribute a broad-based portfolio of adult-use cannabis brands and products. High Park is a wholly-owned subsidiary of Tilray, Inc., a global leader in cannabis cultivation, processing, and distribution.
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 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 statements in respect to Tilray and High Park’s cannabis products and the future performance of any of its affiliates. 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 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission and Canadian securities regulators on March 25, 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.