Tilray Just Made a Big Investment to Increase its Production in Canada

03:33 05/13/2019

Marijuana producing giant Tilray TLRY , has announced that it has invested a whopping $32.6 million towards increasing its Canadian marijuana production and manufacturing.

The global pioneer in the research, cultivation, production and distribution of cannabis and cannabinoids said in a press release that the investment enhances its marijuana production and manufacturing footprint in Canada by 203,000 square feet.

According to the company, the expansion will occur across three facilities, increasing the company’s production and manufacturing footprint to 1.3 million square feet across the world.

It was last month that Tilray also said that it supports two new clinical studies: a pilot study led by Murdoch Children’s Research Institute (MCRI) in Melbourne, to evaluate the feasibility and acceptability of a larger randomized placebo-controlled trial ofcannabis extract as a form of treatment for reducing Severe Behavioral Problems (SBP) in pediatric patients with Intellectual Disabilities (ID); and a study with McGill University Health Centre’s Division of Infectious Diseases and Chronic Viral Illness, to examine the effectiveness of medical cannabis on immune activation in People Living with HIV.

“Tilray is at the forefront of clinical research in the medical cannabis field and we’re very proud to support two groundbreaking studies that have potential to identify more indications in which medical cannabis can benefit patients in-need,” said Philippe Lucas, VP of Global Patient Research and Access, Tilray.

He added, “We are committed to advancing cannabinoid-based science to further understand the potential benefits of medical cannabis as a treatment option among these critical patient populations. There is a serious need for more clinical data in our field, and we are proud to support research like this around the world.”

Tilray will report results for the first quarter ended March 31, 2019 on Tuesday, May 14, 2019 after the market closes.

This article has been provided by a Chasing Markets contributor. All content submitted by this author represent their personal opinions, and should be considered as such for entertainment purpose only. All opinions expressed are those of the writer, and may not necessarily represent fact, opinions, or bias of Chasing Markets.
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