Canadian Tilray to produce cannabis in Portugal

 In News

The Canadian cannabis company Tilray is to invest €20 million in Portugal and recruit around 100 staff.

Tilray, which foresees a €100Bn expansion plan in terms of turnover worldwide has seen its value on stock markets double since the start of September.

It is planning to contract 100 staff at its production unit in Cantanhede in the district of Coimbra. It is interested in exploiting the lucrative new market of cannabis products with applications for healthcare and medicines made from marijuana according to its CEO Brendan Kennedy.

Tilray is also interested in the lucrative consumer products market which use marijuana in drinks and even chocolate bars.  The global soft drinks manufacturer Coca-Cola is also studying the benefits of drinks mixed with CBD – a non-psychoactive ingredient of cannabis.

“We’ve had a lot of negotiations with many companies” he announced in New York on Tuesday last week without giving specific details on possible partnerships.

Tilray is pioneering the future of medical cannabis globally, investing money in research, cultivation, processing and distribution by aspiring to lead, legitimise and define the industry.

Termed a disruptor company which was listed on the Nasdaq on July 19, its shares rose 3.9% in a matter of hours this month after reporting its 2018 second-quarter revenue almost doubled to US$9.7 million.

In Portugal, the plant is grown by Tilray and its consumption is not illegal. However, it has only been legal to commercially produce medicines with cannabis since August providing they are authorised by the Portuguese drugs and medicine regulator Infarmed.

Tilray Portugal was set up in March 2017 when it created the largest cannabis plantation in the country which began cultivation in October 2017.