Tilray Inc. (NASDAQ: TLRY) shares hit an all-time high on Monday after the company announced a new partnership with the Nova Scotia Liquor Corp. (NSLC) to receive an initial purchase order for adult-use cannabis.
The purchase order would allow Tilray, one of 14 cannabis producers selected by NSLC, to supply the province of Nova Scotia with a diverse array of cannabis products in anticipation of the launch of the adult-use market on October 17, 2018.
Tilray intends to fulfill NSLC purchase orders through its affiliate High Park Holdings, which was formed to produce and distribute a broad-based portfolio of adult-use cannabis brands and products.
NSLC’s initial purchase order from Tilray includes these seleced brands:
- Marley Natural, crafted with deep respect for wellness and the positive potential of the herb, Marley Natural offers four categories of cannabis whole-flower and pre-rolls; Marley Green (hybrid), Marley Gold (sativa), Marley Red (high-CBD) and Marley Black (indica).
- CANACA, offers the best of Canadian bud in a variety of celebrated cannabis strains available in whole-flower and pre-rolls.
Adine Fabiani-Carter, chief marketing officer at High Park, commented:
We’re thrilled High Park will have the opportunity to supply the province of Nova Scotia with a safe, secure and reliable source of adult-use cannabis products. Our intention is to deliver on the high expectations Nova Scotians have of us by cultivating and distributing a portfolio of world-class adult-use brands and products that will lead the market in quality, excellence and craftsmanship.
Shares of Tilray were last seen up 21% at $52.95, with a consensus analyst price target of $34.67 and a 52-week range of $20.10 to $54.16.