Cannabis behemoth, Tilray (NASDAQ:TLRY), has received a purchase order from the Prince Edward Island Cannabis Management Corporation for recreational marijuana.
Tilray will supply Prince Edward Island cannabis outlets and online channels when Canada legalizes adult-use cannabis on October 17th.
Tilray Will Supply Prince Edward Island
The company will fulfill the purchase orders through its affiliate High Park Holdings Ltd. Created exactly for this type of market, High Park will produce and distribute a broad-based portfolio of adult-use cannabis brands and products.
Adine Fabiani-Carter, Chief Marketing Officer at High Park said on the announcement:
“We’re thrilled High Park will have the opportunity to expand our national reach and grow our retail network by supplying Prince Edward Island’s four cannabis stores with a safe, secure and reliable source of adult-use cannabis products.”
High Park products are grown by master horticulturists using sustainable growing practices.
Fabiani-Carter said further:
“Our intention is to deliver on the expectations the people of P.E.I. have of us by cultivating and distributing a selection of products that will lead the market in quality, excellence and craftsmanship.”
Tilray will join other cannabis suppliers to the province, OrganiGram Holdings (TSXV:OGI), Canopy Growth (TSX:WEED) and Prince Edward’s own Canada’s Island Garden.
TLRY stock has seen massive gains this week. Constellation Brands (NYSE:STZ) Chief Operating Officer, Bill Newlands, said the cannabis industry was on its way to becoming a worldwide business, and the market reacted to his words.
At the Barclays Consumer Staples Conference in Boston yesterday, he said:
“We think this is going to be a big business worldwide. This is not going to be limited to Canada. This will undoubtedly be a market that develops in the United States. It’s developing around the world in places like Germany and Australia and other markets.”
After these comments, Tilray stock saw an intraday advancement of 26%. Will today’s news bring more increases? Stay tuned!
Featured Image: www.tilray.com