Tilray Canada Ltd. (NASDAQ:TLRY) announced today that it is one of the 14 companies chosen by the Nova Scotia Liquor Corporation (NSLC) to fulfill the NSLC purchase order for recreational marijuana in the province.
NSLC Purchase Order
The NSLC purchase order is for 3.75 million grams of cannabis from the 14 licensed producers hailing across Canada. WeedMD (TSXV:WMD) was also announced as a supplier.
There will be 78 different strains of cannabis for sale in stores and online, sold in five formats: buds, seeds, pre-rolled joints, oil, and gel caps.
The adult-use market will become legal in Canada on October 17th, 2018.
Tilray will fulfill the purchase order through its affiliate High Park Holdings Ltd. which was formed to produce and distribute an array of adult-use cannabis brands and products.
Adine Fabiani-Carter, Chief Marketing Officer at High Park said the following:
“We’re thrilled High Park will have the opportunity to supply the province of Nova Scotia with a safe, secure and reliable source of adult-use cannabis products […] Our intention is to deliver on the high expectations Nova Scotians have of us by cultivating and distributing a portfolio of world-class adult-use brands and products that will lead the market in quality, excellence, and craftsmanship.”
NSLC’s initial purchase order from Tilray includes well-renowned cannabis brands such as Marley Natural and Canaca.
Tilray stock is reflecting the good news today with a massive 19.49% jump in value. Now, the stock is on track to close at a new all-time high.
It shares the stage with Cronos Group Inc. (NASDAQ:CRON) (TSX:CRON), which is equally seeing a massive jump; its shares are up 22%.
Tilray currently supplies cannabis across 11 countries. It specializes in all aspects of cannabis including research, cultivation, processing, and distribution. It went public in July and signed an agreement only last week with Ontario Cannabis Store, adding it to its portfolio.
Featured Image: Deposit Photos/ michelepautasso