Shares of Tilray Inc (NASDAQ:TLRY) shot up in premarket trade Monday after its wholly-owned subsidiary High Park Farms Ltd., announced it has received its sales license from Health Canada to sell medical and adult-use cannabis in Canada.
Tilray stock soared 8.3% to $155.50 in before the opening bell.
The Access to Cannabis for Medical Purposes Regulations (ACMPR) license will allow High Park Farms to supply and sell finished cannabis products for the adult-use market in Canada.
“This license marks a milestone for High Park as we aim to solidify our position as a leading provider of adult-use cannabis in Canada,” said Adine Carter, chief marketing officer at High Park Farms. “We look forward to supplying provinces and territories with a variety of world-class cannabis brands and products in anticipation of the launch of the adult-use market on October 17.”
High Park received its license to cultivate cannabis under the ACMPR in April 2018. The company has completed several harvests in anticipation of supplying the medical and adult-use cannabis market in Canada.
The High Park Farms facility features 13 acres of greenhouse space on an 100 acre property in Enniskillen, Ontario. Going forward, High Park intends to primarily serve the adult-use market in Canada, while medical cannabis production will continue to take place at the headquarters of its affiliate, Tilray Canada Ltd, in Nanaimo, BC.
Shares of Tilray , an unprofitable Canadian cannabis retailer that is one of the few pot companies listed in the US, have soared more than 740% since their Nasdaq debut this summer.
Contact Uttara Choudhury at [email protected]