The Canadian cannabis producer, Tilray, successfully has raised C$60 million from a group of global institutional investors.The new finance will enable the company to press ahead with its production facility in Portugal and expand its distribution in Europe and North America - in those countries where medical cannabis is legal.
In September 2017, Tilray received the necessary licences to set up a marijuana growing and processing facility near Coimbra in a €30 million investment.
Tilray Portugal Unipessoal Lda is based in Cantanhede, to the north of Coimbra, where staff will grow, process and package medical cannabis products for distribution across Europe.
Tilray's CEO Brendan Kennedy, earlier said he searched for two years before finding the ideal base from which to supply Europe.
Kennedy estimates the market could grow to 10 million patients and generate as much as €40 billion per year in revenue, when it is legalised across the EU.
