TLRY stock drops as medical cannabis producer Tilray Inc (NASDAQ:TLRY) makes a strong push into the EU. Yesterday, the Nanaimo, British Columbia-based cannabis company announced the completion of its first medical cannabis harvest at its facility in Portugal. TLRY is trading at $73.24 a share, down -3.45% at the time of writing.
TLRY Stock: Turnaround Near?
TLRY is down -11% in the last five days. Many other cannabis stocks have seen similar losses this week, making it an industry-wide correction. This news from Tilray regarding its advancements in the EU has the potential to turn Tilray stock around.
Tilray Inc Expansion in the EU
Tilray's movement into European Union countries is something to take notice of. Tilray's Portugal campus is around 250,000 square feet and has additional room for expansion. The cannabis company has already invested around 20 million euros into the operation, and the investment seems to be paying off. The EU campus includes indoor, outdoor, and greenhouse cultivation, as well as processing, packaging, and distribution sites for medical cannabis products. Also, the site has its own research lab.
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While TLRY stock may be trading red, the Canadian cannabis company is making a serious push in a new emerging cannabis market, with tons of potential. With Tilray's first successful harvest, the company will be able to continue to expand this campus. Currently, the EU facility employs around 100 people, which is expected to double by the end of 2019.
Sascha Mielcarek, Managing Director of Tilray Europe, said:
“Our harvest in Portugal is an exciting milestone for the company as we continue to build our multinational supply chain of high-quality medical cannabis. We look forward to utilizing the capacity of Tilray Portugal to supply the medical cannabis market in Europe as we expand our operations.”
Tilray was the first licensed medical cannabis producer to import medical cannabis products into the European Union. It was also the first company to obtain the Good Manufacturing Practice (GMP) certification before the other companies trying to get into the same space.
TLRY stock may be dropping, but the company is making major advancements in the EU medical cannabis space. The cannabis company is thinking long-term, and this first harvest is a step in the right direction.
Featured Image: Canva
