Tilray Exports First Shipment of Medical Cannabis to Spain

In a recent announcement, Tilray, Inc. announced that its wholly-owned subsidiary in Spain, Tilray Portugal, will begin exporting medical cannabis to Spain. This shipment will be the first of its kind in Spain and marks the company’s 17th country of distribution worldwide. This news comes at a time when Spain is an increasingly important market for the cannabis industry, with tens of thousands of patients living in the country, including many of those suffering from severe pain.

Tilray is a pioneer in the world of cannabis cultivation, research, and distribution. Today, it supports over 20 brands throughout the world and provides a comprehensive line of cannabis products. In addition to cannabis, Tilray also offers hemp-based foods and alcoholic beverages. Tilray plans to export its products to more European markets. In addition to Spain, it is currently in talks with various other countries to begin supplying medical marijuana to these regions.

Croatia has been a key market for Tilray as well, but the company hopes to grow its brand and business in the EU. Tilray is committed to developing a reputable brand in the medical cannabis industry and has partnered with the Croatian Institute of Immunology in order to secure the right permits and certifications to sell their products. It is also committed to producing high-quality medical cannabis products for Croatian patients.

Tilray completed its merger with Aphria last year. The combined entity is now the leading Canadian cannabis producer. It has an impressive brand recognition in the country and a nimble pricing environment to capitalize on the growing demand in Europe and other international markets. The merger of Tilray and Aphria has created the largest stake in the Canadian cannabis market, and the combined company is poised to expand its business to the United States once legalization is completed.

With this latest agreement, Tilray has made history by becoming the first Canadian company to export its medical cannabis products to Europe. The company’s Portuguese facility recently gained licensing to sell medical cannabis in Portugal. Similar to the U.K. agreement, Tilray is now shipping medical cannabis to Spain as well. The company’s European expansion complements the presence of Aphria, a German medical cannabis distribution firm.

The company previously exported flower from Uruguay to Spain for a reported $3.20 per gram. After the first shipment, it has expanded to Europe and sold to a German pharmaceutical network. The company has also received E.U. GMP licensing this week, and this new offering reflects the fact that cannabis can be sold in Europe without the need for EU-GMP certification. Its flowers are also processed in an EU-GMP-certified facility after harvesting.

Germany’s medical cannabis market is still in its infancy, but it shows promise and potential. Although the country is only one of several in Europe, it will lead the way in terms of growth and legalization. According to Prohibition Partners, over order cannabis seeds 128,000 patients will benefit from medical cannabis in Germany by 2024 and the German market is expected to reach EUR7 billion by 2028. The company’s first shipment of medical cannabis to Spain will be made available in pharmacies in July 2021.

Tilray has a strong strategy for growth and will benefit from its new leadership team. It plans to generate approximately US$81 million in annual pre-tax savings by the end of fiscal 2023. In addition, Tilray expects to add another 2% of revenue to its business by acquiring other licensed producers in the home page European Union. Furthermore, Germany is expected to legalize marijuana at the federal level, and will become the largest marijuana market in terms of population. It also has an EU GMP certified facility in Spain. Tilray can also scale its production capacity to meet the demands of the adult market.

The company has filed its quarterly report on Form 10-Q with the Securities and Exchange Commission on November 9, 2020. The company has disclosed a number of risk factors that could cause actual results to differ materially from those forecasted. Tilray does not undertake any obligation to update forward-looking statements, except as required by applicable securities laws. If these risk factors arise, Tilray may have to adjust its business strategy.

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