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Tilray, a global company focused on cannabis research, cultivation, production and distribution, announced May 26 that the company will close its wholly-owned subsidiary, High Park Gardens, a cannabis greenhouse located in Leamington, Ontario.
The announcement comes as part of Tilray’s “optimization plan” for its adult-use cannabis facilities in Canada. With the elimination of High Park Gardens, which will be closed within the next six weeks, Tilray anticipates an annual savings of roughly $7.5 million, according to a company press release.
“We are continuously evaluating the evolving needs of our business, against a challenging industry backdrop, to ensure we’re in the best position to produce world-class products and deliver positive results for our stakeholders,” Tilray CEO Brendan Kennedy said in a public statement. “The decision to close a facility is never easy but we are confident that this will immediately put Tilray in a better position to achieve our goals of driving revenues across our core businesses and working towards positive adjusted EBITDA by the end of 2020. We are very confident our existing operations team will continue to serve our valued patients and customers with no interruption. On behalf of myself, the rest of our executive team and our colleagues across the organization, I’d like to extend my sincere gratitude to the team at High Park Gardens for their contributions to Tilray and High Park.”
Last year, Tilray acquired Natura Naturals Inc., which has since operated as High Park Gardens, a 406,000-square-foot greenhouse facility licensed for cannabis cultivation and manufacturing.
Now, Tilray will focus on serving Canada’s adult-use cannabis market through its other existing facilities in Ontario, which include High Park Farms, a cultivation and processing facility in Enniskillen, and High Park Holdings, a processing, manufacturing and R&D facility in London.
Published at Thu, 28 May 2020 19:49:00 +0000