In the news release, Privateer Holdings Canadian Subsidiary, Tilray, Opens $10+ Million Cannabis Facility in
Privateer Holdings Canadian Subsidiary, Tilray, Opens $10+ Million Cannabis Facility in British Columbia
SEATTLE, April 23, 2014 /PRNewswire/ -- Today Privateer Holdings' Canadian subsidiary, Tilray, announced the opening of their secure facility in Nanaimo, British Columbia, that has over 60,000 square feet of growing space and will produce more than 9,000 pounds of medical cannabis for Canadian patients in 2014.
Canadian cannabis laws underwent a dramatic overhaul beginning April 1, when the country's new Marihuana for Medical Purposes Regulations (MMPR) took effect. These regulations make cannabis available to patients across the country through Health Canada Licensed Producers that grow and ship directly to patients' homes.
"The Canadian medical cannabis system offers a great opportunity for us to provide patients with premium, pure cannabis that addresses their health needs," said Privateer Holdings CEO Brendan Kennedy. "With the clarity of federal law and tight regulations for producers in place from Health Canada, Tilray was a strategic, smart investment opportunity for Privateer Holdings."
Licensed by Health Canada, Tilray is a cannabis producer that will grow, process, package and ship cannabis directly to Canadian patients. A completed application and signed medical document from their health care provider is all that is required to order cannabis directly from Tilray at www.tilray.ca.
Privateer Holdings closed a Series A funding round of $7 million in July 2013, and raised a bridge fund of $15 million in February 2014. The Series B round of funding of $50+ million will close in second quarter of 2014. Privateer Holdings has invested over $10 million in the Tilray facility, which will be one of the largest and most sophisticated cannabis growing facilities in the world.
Tilray's focus is on bringing a new level of professionalism, consistency and patient-focused service to Canada's medical cannabis market.
"Our mission is to bring medical cannabis out of the shadows and into the light," said Philippe Lucas, Tilray's Vice President of Patient Research and Services. "We want to support patients and their doctors in prescribing and using cannabis as a mainstream treatment option for conditions that range from glaucoma and migraine to arthritis and cancer."
The Tilray brand represents exceptional cannabis products that are grown and processed in British Columbia with unrivaled purity and precision. Tilray cannabis is grown without the use of pesticides, and is harvested and trimmed by hand. Tilray cannabis undergoes rigorous testing to ensure purity, consistency and potency.
"With Tilray, patients can trust that they're getting the same safe, effective product every time," said Lucas.
Tilray is a premium brand of cannabis that offers unparalleled quality and consistency for patients who use and physicians who prescribe medical cannabis. Tilray is operated by Lafitte Ventures, a Canadian company owned by Privateer Holdings. To learn more about Tilray, visit https://www.tilray.ca/
About Privateer Holdings
Privateer Holdings is the cannabis industry's first private equity firm. Through strategic investments in the emerging legal cannabis industry, Privateer is building a portfolio of mainstream companies that elevate the conversation about cannabis. Privateer aims to change past perceptions of the marketplace by building brands set apart by their professionalism and operational excellence. For more information, visit www.privateerholdings.com.