Stocks in Nanaimo-based marijuana producer Tilray hit a new high on news the Nova Scotia Liquor Corporation has chosen to shop Canadian.
Tilray announced, in a press release Monday, it was selected to receive an initial purchase order for a variety of adult-use cannabis products to supply the Nova Scotia market.
Tilray is one of 14 producers selected to supply the province with cannabis products and will fulfill the order through its Ontario-based affiliate High Park Holdings, which was created to produce and distribute adult-use cannabis products and brands.
“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,” said Adine Fabiani-Carter, High Park chief marketing officer, in the press release. “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.”
The initial purchase order is for a selection of products produced under the Marley Natural and CANACA brand names.
The purchase order announcement was good news for investors who bought Tilray stocks when they were initially offered at $17 on the Nasdaq in July. Tilray stock value leaped more than 24 per cent to from just shy of $44 when trading closed Friday, peaked briefly at more than $58 Monday, but had dropped to $53.65 when trading closed.