Ontario-based medical cannabis firm Tilray says it will develop a €20 million farming and processing operation in Portugal after winning federal approval to import and cultivate cannabis seeds and clones. The operation – Tilray’s first outside of Canada – will grow, process and package medical cannabis products for distribution across the EU.
CEO Brendan Kennedy said Tillray estimates the European medical cannabis market could grow to €40 billion, citing “massive demand” from Germany. Tilray will establish indoor and outdoor grows and a lab and genetics bank at the BIOCANT Research Park in Cantanhede, creating 100 jobs, the company said.
Tilray is owned by private equity firm Privateer Holdings, which is based in Seattle, Washington, USA. Privateer said late last year that it had become first company in the medical marijuana space to raise more than $100 million.