The Portugal-based satellite location of Tilray is waiting for a GMP (Good Manufacturing Practice) certification in the summer. A famous cannabis company, Tilray said that it is open to receive the initial shipments from its European-based locations starting the earlier period the following months.
The race to control the market of medical marijuana as it is legitimized for the demand in Europe. As such, Canadian cannabis firms like Aurora Cannabis or Canopy Growth vie for an opportunity to tap and flourish that monetized market. Tilray, likewise, placed a core strategy to take part in this race efficiently.
These three firms have separately made sure to yearn for the achievement of GMP approval, what with the certification being internationally acclaimed quality compliance for consumers. Besides, they all have made global inroads to reach this claim further.
Unlike the strategic outplay of its Denmark-oriented rivals looking to establish locations in that country, Tilray is focusing on making lesser cost by developing Portugal satellites. (While no periodic sales timeline has been set, Aurora, through a joint venture with Tilray, plans to launch a Portugal site)
In 2018, Tilray, coming from a 6 million dollar excess in market capitalization, reported an astounding $2.9 million international sales, apart from their other ventures.
The potential investors are looking into those new figures to rise exponentially to establish the company’s ever-growing capacity further.
For instance, the market for medical cannabis in Germany continues to increase. The country’s local health insurance companies report that medical cannabis products took about 73.6 million euros in sales alone.
Tilray sufficient noted that “We have begun production at Tilray Portugal with a view toward facilitating exports of our cannabis products to countries in the European Union from Portugal rather than from Canada.”
Also, in 2017, Tilray received the license to manufacture and trade medical marijuana in bulk by the Portuguese NAMH (National Authority of Medicines and Health Products).
In a conference-based call held around the middle of March, Brendan Kennedy, Tilray’s Chief Executive Officer, has stated that their Portugal-manufactured product is the one they would utilize for selling to meet the market of its global reach.
While he further added that their Portugal product until the end of the 2019 summer, consumers could expect their inventory to grow in more significant numbers for their GMP certification approval and inspection. Such is what they seek to secure before going fully global.
Also, the selling of this product would happen in the second half of this year, according to their Chief Financial Officer.