- First medical cannabis producer in North America to meet rigorous standards of GMP certification, supplying cannabis flower and extracts
- Canadian federally-licensed cannabis cultivator, processor and distributor
- Q2 2018 revenue increased to $9.7 million, up 95.2 percent over second quarter of 2017
- Multinational distribution network makes Tilray medical cannabis available to patients in 11 countries on five continents
- Raised $163.6 million in a successful IPO in July 2018 and $55 million from leading institutional investors prior to IPO
- Agreements signed to supply medical cannabis via Canadian pharmacies and recreational cannabis to adult-use consumers in seven Canadian provinces and territories
- Received U.S. government approval to import cannabinoid study drug to UC San Diego for clinical trial for treatment of essential tremor, a neurological disorder
Tilray, Inc. (NASDAQ: TLRY), a global pioneer in cannabis research, cultivation, production and distribution, continues to build an international footprint in the cannabis space with a long list of “firsts” in the cannabis industry. As one of only a few cannabis companies with a U.S. stock listing, Tilray’s stock has been a favorite of investors, soaring more than 10-fold since its initial public offering in July. Tilray’s diverse management team of industry leading experts includes PhD research scientists, master horticulturalists, engineers and patient advocates, in addition to backing by billionaire investor Peter Thiel.
Tilray’s aggressive pursuit of agreements to supply premium cannabis products to not only the Canadian market, which is poised to become the first G7 country to legalize recreational cannabis nationwide in October, but to any country that has legalized cannabis. Among its most recent announcements, the company has:
- Executed a non-binding letter of intent with IntelGenx Corp. to co-develop and commercialize oral film products infused with recreational and medical cannabis (http://cnw.fm/5khKZ)
- Received approval from the U.S. Drug Enforcement Administration (DEA) to import a medical cannabis supply drug for a clinical trial on essential tremor at the University of California San Diego Center for Medicinal Cannabis Research (http://cnw.fm/TZYn4)
- Regulatory permits approved for export to Germany of medical cannabis flower and full-spectrum medical cannabis oil for patient use (http://cnw.fm/fSj63)
- Currently supplying products for several different clinical trials in partnership with universities, hospitals and governments in Australia and Canada (http://cnw.fm/iXzV9)
- Established wholly owned subsidiary High Park Company to produce and distribute a broad-based portfolio of cannabis brands and products in Canada; an investment totaling $100 million that’s expected to grow the company’s Canadian workforce to more than 500 in the next several years
In Deloitte’s 2018 cannabis report (http://cnw.fm/8RvLx), the research firm frames the total cannabis market in Canada as “significant” and one that has “spurred innovation, entrepreneurship and jobs.” Canada’s medical and recreational cannabis market is expected to generate $7.17 billion in total sales in 2019.
Brendan Kennedy, president and chief executive officer of Tilray, notes the company’s strong start to 2018 and offers insight to its future plans in a second quarter earnings report to stakeholders (http://cnw.fm/7Qhn0).
“Tilray is well-positioned to continue to pioneer the development of the global medical cannabis market and to become a leader in the adult-use cannabis market in Canada,” Kennedy states in the report. “In the second quarter, we generated significant revenue growth as a result of our global strategy, our multinational distribution network and our commitment to research, innovation, quality and operational excellence.”
Financial highlights in the report include an increase in revenue to $9.7 million, up 95.2 percent compared to the second quarter of 2017; a 97 percent increase in total kilogram equivalents sold compared to the prior year; and an average net selling price per gram increase from $6.20 to $6.38.
Business highlights in 2018 to date show Tilray’s successful IPO and funding received from institutional investors that brought $218.6 million to the company; signed agreements to supply cannabis to adult-use consumers in seven Canadian provinces and territories and signed strategic agreements with Sandoz Canada, a division of Novartis, to collaborate on the creation and sale of co-branded and co-developed non-combustible medical cannabis products. Agreements or LOIs were also signed with Shoppers Drug Mart Inc., Canada’s largest pharmacy chain, and Pharmasave, one of Canada’s leading independent pharmacy chains, to provide Tilray products once certain legal steps have been met.
Exports to Argentina, South Africa and the United Kingdom now make Tilray products available in 11 countries on five continents. The company also launched High Park Holdings Ltd., a wholly owned subsidiary formed to serve the pending adult-use market in Canada, in addition to the launch of the CANACA brand, which celebrates the historic moment in Canada as it becomes the first G7 nation to federally legalize cannabis for adult-use.
Tilray’s company culture promotes experience, precision, research and care for its customers and clients. Its precisely formulated products are cultivated to meet exacting patient needs and come in two primary forms – extracts and dried flower. Tilray’s product line centers on active ingredients and standardized, well-defined preparations with a focus on patient safety and efficacy. The company’s clinical research program is designed to evolve current scientific understanding of the therapeutic value and risks of cannabinoid-based medicines. Tilray’s flagship production facility is located in Nanaimo, Vancouver Island, British Columbia.
For more information, visit the company’s website at www.Tilray.com
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