Companies and Brands
Meet Tilray's New Cannabis Supply Agreement
Published:
Last Updated:
Tilray Inc. (NASDAQ: TLRY) shares got a little higher on Wednesday after the company announced that it had entered into a supply agreement with 7ACRES, a subsidiary of the Supreme Cannabis Company.
This agreement is a guaranteed commitment to purchase. It will cover the 12-month period starting October 1, 2018, and is estimated to have a value of roughly C$12 million, or US$9.3 million.
As was the case with the recently announced deal between the two companies, the dried cannabis provided to Tilray by 7ACRES will be used primarily to support medical cannabis patients in Canada, including Tilray’s robust patient population.
7ACRES is a federally licensed cannabis producer operating a 342,000-square-foot facility in Kincardine, Ontario. It is dedicated to providing consumers with a premium-quality product that recognizes its customers are informed, discerning and value a brand and culture that aligns with their principles.
John Fowler, president of Supreme Cannabis, commented:
We are excited to be entering into this agreement with Tilray, an organization – like Supreme Cannabis – that focuses on the end user and demands leading quality assurance standards. Tilray has built an industry-leading global medical distribution platform, which has resulted in robust demand for high quality cannabis products. We are happy to provide 7ACRES premium products alongside Tilray’s well-regarded and existing lineup to support medical patients around the world.
Shares of Tilray were last seen up 3% at $111.30, with a consensus analyst price target of $49.33 and a 52-week trading range of $20.10 to $300.00.
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
