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Tilray subsidiary to expand its presence in Québec via investment in cannabis producer ROSE LifeScience

When ROSE receives its Health Canada cultivation, processing and sales license, it will be the exclusive supplier of subsidiary High Park’s products to the Québec market

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Tilray and ROSE LifeScience may also collaborate on co-branded products

Tilray Inc (NASDAQ:TLRY) subsidiary High Park Farms Ltd is investing C$7.5 million into cannabis producer ROSE LifeScience Inc as it looks to increase its presence in the Québec market.

Shares of Tilray climbed more than 3% to US$77.93 in Friday morning trading.

As per the terms of the deal, Tilray will subscribe for 41 Class A shares, amounting to 12% in the capital of ROSE LifeScience.

READ: Biome Grow shares now deemed DTC eligible; shares perk up

The companies also inked an exclusive sale, supply, distribution and marketing agreement with the Quebec-based cannabis producer to deliver High Park adult-use cannabis products in the province, including its Dubon brand, which is only available through the Société québécoise du cannabis.

“This investment in a Québec-owned and operated organization will enable High Park to better serve this partnership and the adult-use market in Québec,” said High Park’s Chief Marketing Officer Adine-Fabiani Carter in the company’s press release.

The construction of ROSE’s 54,000 square foot cannabis cultivation facility in Huntingdon, Québec is underway and the company has applied for a Health Canada cultivation, processing and sales license.

Upon becoming fully-licensed, ROSE will be the exclusive supplier of High Park products to the Québec market.

Tilray and ROSE LifeScience may also team up on co-branded products or other brands tailored to the Quebec market.

 

Contact Lenore Fedow at [email protected]

Follow her on Twitter@LenoreMariee

 

Quick facts: Tilray Inc

Price: 20.96 USD

NASDAQ:TLRY
Market: NASDAQ
Market Cap: $2.05 billion
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